08/15/2022
Your local real estate market may have just shifted.
“Just look at July inventory data. Active listings on realtor.com jumped 128,200 last month to 747,500. That’s the single biggest jump in the site’s database that goes back to 2016. The previous record hike was May 2022 (+106,900 homes), which nearly got surpassed by the June 2022 jump (+102,900 homes).
While inventory usually rises around this time of year, seasonality alone can’t explain this jump. The culprit is the ongoing housing cool-down. Simply put: We’re watching the U.S. housing market flip from the pandemic housing boom into the pandemic housing slump.”
Source: Lance Lambert for
As mortgage interest rates rise, your home purchasing power decreases. Many homebuyers are being forced to readjust their home buying budgets or pause their home search altogether. It will be interesting to see how the remaining months in the third quarter reflect the change we are seeing now.
📈Have you seen a shift in your local market?