Are rising home prices beginning to level off?
Economists who study real estate trends across the nation are starting to suggest that ever-escalating home prices, bidding wars and inventory shortages may begin leveling off.
“The signs are pointing to a market that’s shifting toward buyers,” reports the chief economist of Realtor .com . “But in most places, we’re still a long way from a full reversal.”
It isn’t realistic to expect an overnight change in the current market trends. However, median home list prices were up 7 percent year-over-year this past August, according to the National Association of Realtors®, which is lower than similar year-over-year list prices in 2017 at 10 percent and in 2016 at 9 percent.
Another plus for buyers is the increasing number of homes on the market. At the end of the 2018 summer selling season, 18 of the 45 largest housing markets had an increase in listings over the previous year. This is a boon for buyers, who have been scrambling to find affordable listings and then often end up in a bidding war.
For more information on the current market status in your neighborhood please call, email, or text me.
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