Over the last year or more in the real estate market, we have seen some pretty incredible things. Housing prices have gone up, inventory has been low creating bidding wars on properties, to mortgage rates hitting all-time lows. All of these factors have created an incredible seller's market.
As we look at the market today, the data is indicating that some of those trends we have experienced are starting to change. Although it is still a seller's market, things are beginning to soften up. This article from RedFin looks at the data over the last year and does a great job of showing how things are trending. Enjoy the article and give me a call with any of your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 cell
indyhomepro@outlook.com
Source: RedFin | Repost Houterloot 7/8/2021 -
Some buyers have hit their limit on record-high prices, but others may return to the market with more homes to choose from and less competition.
The U.S. housing market lost more steam as summer began, with pending sales continuing their slide and the number of homes for sale slowly growing. Google trends also revealed a continued decline in online house hunting, with searches for “Real Estate” dipping below 2019 levels (-4.5%) for the first time this year. Mortgage purchase applications fell dramatically week over week (-5%) to their lowest level since May 2020, according to the Mortgage Bankers Association home purchase index.
Home prices are still climbing, posting their highest year-over-year gain on record, but the share of homes for sale with price drops inched above 2020 levels for the first time this year. Most measures of early-stage homebuying demand point to further cooling in the housing market over the summer, but Redfin’s Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—rose slightly from the prior week. This may be a reflection of the fact that there was a small increase in the number of homes available to tour.
Unless otherwise noted, the data in this report covers the four-week period ending June 27. Redfin’s housing market data goes back through 2012.
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