Despite the sweltering heat, real estate’s red-hot tear is, at long last, slowing down and chilling out.
In our series “How’s the Housing Market This Week?” we look at the four crucial indicators: home prices, new listings, days on the market, and mortgage rates. For the week ending July 23 (the most recent research available), all four are showing noteworthy shifts that suggest that the raging seller’s market of the past two years might be balancing out.
This is potentially good news for homebuyers but not so much for sellers, who are on edge and worried they’ve missed the peak to cash in. Given things are changing fast, here’s the information you need right now to navigate today’s treacherous market prepared.
1. Asking prices are still up, but getting cut left and right
The latest June data from Realtor.com® places the median home price nationwide at a record-setting $450,000. And, for the week ending July 23, the median listing price continued its 32nd straight week of double-digit growth, shooting up by 16.6% over last year.