According to an article by Fortune Magazine, new data from Realtor.com shows that price growth in the housing market, is starting to slow, and has hit its lowest level in seven weeks. Year-over-year increases in home prices were actually down last week. This is not yet a bursting bubble, but the foreclosures that have been prohibited by Covid have not yet been hitting the market in earnest.
“This week the housing market took a very tiny step in a buyer-friendly direction,” according to Danielle Hale, the chief economist at Realtor.com. “It is still solidly a seller’s market, with homes selling 28 days faster year over year for the week ending May 8. However, homebuying opportunities could be on the horizon.”
New listings are also up, as those who were considering selling, but who didn’t want to move during the Covid pandemic, are now looking at cashing in during this strong seller’s market.
According to the Realtor.com article, listing prices grew at 15.2 percent over last year. There were 39 consecutive weeks of double-digit price growth. The size of home price gains has held steady or dropped over the last 4 weeks. Nationwide, median home listing prices are on pace to exceed the record-high April national median asking price of $375,000.
In Cheney WA, over the last three months, most properties have sold in a few days with multiple offers. The winning offer was about $17,000 over asking price, on average.