Agents Often Credit Motivated Vendors As The Reason For The Price Drop

Abstract

"We're seeing big changes in our real estate market due to rising interest rates, with housing inventory reaching its highest level since late 2020. Residential single family home inventory grew 47% over the last month, as the combination of higher prices and those skyrocketing interest rates limit what buyers can afford. The median price for a residential single-family home was $498,785, and for a condominium, it was $340,506, according to Greater Nashville Realtors. This compares with last year's median residential and condominium prices of $400,000 and $277,900 respectively. Inventory at the end of May was 5,836, up from 4,308 in May 2021." The Review Journal. "The dynamic is starting to shift, as rising mortgage rates, flattening prices and increased inventory have allowed homebuyers to be a little more patient. That's also giving buyers a lot more leverage. The interactive map below shows the difference between the sale price and the listing price for homes sold in every Sacramento region ZIP code in April. The data, compiled for Redfin, shows there are some communities, especially in Yuba and Sutter counties, where buyers had pretty good leverage in April." The Houston Business Journal in Texas. "Houston's housing market remained fairly strong in May, but things might finally be calming down enough to increase inventory, the Houston Association of Realtors reported June 8. Single-family home sales fell just 0.9% year over year to 9,627 units sold in May, the market's second consecutive monthly year-over-year decline. 'Conditions appear to be calming a bit across the Houston housing market, so we are not seeing the frenetic pace of buying we did a couple of months ago with dozens of competing offers on new listings,' said HAR Chair Jennifer Wauhob." From West Hawaii Today. You get the same kind of caché without spending $4 million on a home,' she said. 'But as mortgage rates rise, the cost goes up, it's less affordable and prices fall to accommodate it. ' Prices in the area also rose by almost 20 per cent from the fall of 2021 to February 2022. The home prices weren't sustainable and quickly came down from the peak, she added.