Source: Business Insider —
The red-hot housing market has fizzled out — and that means home prices are finally cooling down.
Over the past few years, intense buyer competition has elevated home prices throughout the US but as affordability wanes, demand is fading fast. Indeed, higher housing costs have pushed out many would-be buyers, leading to a slowdown in home buying activity.
In a handful of cities, that downturn is already translating to cheaper homes. Data published Tuesday from the S&P Dow Jones Indices showed price growth turning negative in six major metropolitan areas from May through June, reflecting a stark shift from last year’s buying bonanza.
The following table shows the percent change in home prices from May through June for 20 US cities, as well as how prices changed from April to May.
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They are all dropping. Your data is old. With a 60% increase in mortgage payments
you will see a 5-10% decrease in prices and a 40% decrease in sales by January.
Say hello to a normalizing market.
Different areas are experiencing different market statistics. Montgomery County in PA is not showing a downward shift in prices, except for some sellers who have set their asking price on the upward trend line we saw a year ago, and then have to reduce that price. We are still seeing houses with multiple offers going over asking and appraisals that support that price.
Buyer’s market is around the corner! those selling overprices and Listers trying to sell themselves will has to think more in get the house sold, Will be a change from Sellers rules to Buyers rules, it happens in the pass…. nothing new
Never has location been a factor more than in this market. Shortage of houses is still a major factor in keeping it a seller’s market for the foreseeable future. Again, it depends where the property is located – nationally and locally.
CLIFF LLOYD HAS NO IDEA OF WHAT HE’s TALKING ABOUT !!!