Source: DS News —
The housing market continues to change as higher mortgage rates, rising inflation and economic uncertainty have sidelined many buyers. Meanwhile, according to this month’s Knock Buyer-Seller Market Index, sellers have the upper hand remaining in most markets throughout the U.S.
Although home sales were down 38%, inventory was up 5.5%, and days on market increased 50% in August compared to a year ago; the Index revealed 71 of the nation’s 100 largest housing markets remained sellers’ markets. Meanwhile, the number of buyers’ markets more than doubled to seven from three in July, spreading from California into Arizona and Utah; two frequently popular relocation destinations during the pandemic. The remaining were neutral markets —areas offering no advantage to either sellers or buyers.
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