It’s certainly not a buyer’s market yet, but there are signs that things may be moving in that direction.
- More homes are available: While the upswing isn’t as dramatic as some predicted, it is an upswing.
- Homes are lasting longer on the market: Again, the numbers are not particularly dramatic but they are headed in that direction
- Price reductions are increasing: While prices are still rising overall, 14.9 percent of homes on the market, decreased their prices last month.
- Fewer mortgage applications: This is undoubtedly a direct result o rising mortgage rates but the net result is that there are few buyers out there looking.