As the Pandemic housing boom fizzled out across the country this summer, we saw inventory jump. In bubbly markets, like Austin and Boise, that inventory jump was greater than 300% between March and August. However, that inventory spike is already fizzling out.
After nearly two years with sellers having the upper hand, buyers finally have another chance to purchase the home they always wanted (even with higher mortgage rates). Indicators that highlight the bright side to this cooling market include:
Not all are created equal. Here are some that just might not pay off.
The number of single-family homes sold in Manatee were down 22% YoY in July. While the pace is definitely slowing, prices are holding better than one would expect in this scenario (so far). Inventory is coming on the market quickly, and the active inventory is at around three months of sales volume. Both of these are good signs for balancing the market as sellers have dominated for some time now. How this will ultimately impact price is another story. The law of supply and demand will definitely govern, but the backdrop of the broader economy will definitely play a role.