Okay, “stabilizing” might be a bit strong but a certain equilibrium seems to be finding its way into the real estate market. Housing permits. starts, and completions were all up significantly in June, even as April and May saw completions beating expectations by as much as 16 percent.
In addition, higher offers in bidding wars decreased by 10 percent in June as compared with April.
Analysts are hopeful that the combination of lower demand and greater supply will gradually ease home prices without a sharp rise in interest rates.