“Selling prices will level out as the market cools but this cooling is just a return to the type of balanced market that has been absent the past couple of years.” – Greg McBride, chief financial analyst at Bankrate
“What goes up, must eventually moderate… As some buyers pull back from the market due to affordability and supply constraints and as new construction adds more supply, house prices will moderate, resulting in a more balanced housing market.” – Mark Fleming, chief economist at First American
“The early 2022 enthusiasm that homeowners had toward selling is evaporating as the housing market rebalances.” – Danielle Hale, Realtor®️.com chief economist
“For a fourth week in a row, homes are sitting on the market for a longer time than last year,” adds Xu. “As both buyers and sellers adjust to the rebalancing market, expectations shift, reducing the sense of urgency in the market and reinforcing the trend toward longer sale timelines.”
“This week marks a seventh straight week of year-over-year declines in the number of new listings coming up for sale, and a second consecutive week with double-digit declines,” notes Xu.
“This pullback from sellers could slow the speed at which the housing market rebalances,” says Xu. “Buyers looking for more bargaining power may need patience.”
As Xu puts it, “The costs of purchasing today’s typical home [is] up more than 50% compared to a year ago.”
And so, as Xu points out, with “nearly three-quarters of today’s potential sellers also planning to buy another home, it seems that more homeowners are deciding to stay put.”
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