A report from Valley Central in Texas. “Realtor Arnold Celis said interest rates are not slowing down the real estate market in the Rio Grande Valley. Celis said the market is so wild, that he has had a client pay as much as $61,000 above the asking price. ‘There was a doctor, I just had this conversation last night. He bought a house for $750,000. A few short months later, he sold the house for $1.2 million. Now that’s crazy, isn’t it? In Harlingen, but that’s what’s happening.'”

“According to realtor Bruno Zavaleta what used to be a seller’s market is now shifting ino a buyer’s market with more open houses and price reductions. ‘A year ago for June, we had about 108 active listings on the market,’ said Zavaleta. ‘Right now, we’ve got 178, so that’s a 64% increase in just your inventory that’s actively sitting on the market.'”

From KVUE in Texas. “‘This is Downtown Dripping Springs now that we’re driving through,’ said Realtor Garrett Beam. Beam has been holding on tight to the wheel as Austin’s housing boom takes the outskirts on a wild ride. According to Redfin, in May, the median home price in Dripping Springs hit $962,000. That’s up 44% compared to last year. ‘You will be hard-pressed to find anything that doesn’t need a massive remodel or overhaul for less than $600,000 out here,’ said Beam.”

“Our first stop is a home on Peabody Place in the ETJ, right next to Walnut Springs Elementary. Beam said four years ago, homes in that area were going for about $450,000 to $480,000. This three-bedroom, two-bath custom home built in 1995 is on the market for $1.2 million. Our last stop takes us to not just luxury but what some call ‘ultra-luxury’ – the 70 Rainey Condominiums in Downtown Austin. ‘This unit today, as it stands completely redone, will be hitting the market for right at $5 million,’ said RE/MAX Posh Properties owner Mary Ann McMahon. That’s almost triple what it sold for in 2019, at $1.7 million.”

First Coast News in Florida. “Expect to start seeing more for sale signs. Jacksonville realtor CC Underwood says home inventory in Duval County has more than doubled in just the past few weeks. ‘I mean all crazy markets… they’re not going to last forever. I think we’ve had two years of cheap money essentially,’ Underwood said. She explains when the buyer has more options, they can be pickier and take their sweet time. It’s something buyers haven’t been able to do for about 2 years.”

“‘We’ve actually seen buyers take a break,’ said Underwood. ‘Because they were in this heightened mode for so long of ‘I got to have it. Got to have it.’ We were seeing buyers… they had to make offers 20, 30, 50 even 100 thousand dollars over the asking price.’ Homes are now taking longer to sell and that mean buyers can start going in under the asking price and asking sellers to pay for your closing costs.”

“‘What we are seeing is buyers are getting realistic,’ said Underwood. ‘Buyers have said stop. Buyers do control the market. Buyers are the ones with the money. They’re the ones who can say yes we are willing to pay above. They are now the ones to say no we’re not. We only want to pay appraised value right now. Buyers of yesterday were willing to pay the gap. The buyers of today aren’t,’ Underwood said.”

From KRDA in Colorado. “The tide is shifting, and what was once a dominant seller’s market in Colorado Springs and the surrounding area just more than a month ago, is now anything but that. New numbers show a significant shift in housing listings in El Paso County. Just in the last month, the Pikes Peak region went from having 1,300 homes on the market to 2,100, according to the Pikes Peak Association of Realtors. ‘It’s a dramatic difference,’ according to realtor Patrick Muldoon. Muldoon says just over a month ago, buyers had a tough time moving quickly enough to purchase a house in Colorado Springs. Now, that’s far from the case.”

“‘They were very aggressive, sellers had a good run,’ he said. ‘So maybe we’re just seeing some balance.’ The problem is seemingly interest rates on mortgages. Muldoon says this trend started in Denver and has made its way down here. Eventually, he believes prices will drop. ‘I think if we’re trending like many parts of this region, you’re going to see price drops through the end of the year.'”

“He says the sharp decline in home buying has happened before– In 2001 and in 2006– but not at a speed like this. ‘When it’s quick, it’s quick. But this has been very quick. Buyers got very cold-footed, quick.’ So while it’s certainly not a seller’s market anymore, Muldoon says this transition period may be a time for buyers to stand pat too. ‘I think the next six months is probably going to show more inventory hitting the market.'”

A press release. “Five of the 10 U.S. housing markets that have cooled fastest this year are in northern California–San Jose, Oakland, San Francisco, Sacramento and Stockton–and three of those five are in the Bay Area. All 10 of the housing markets cooling fastest are in the American West.”

“‘The housing market has changed drastically in the last month because higher rates make homes even more expensive than they used to be. At the same time, fewer people can afford pricey homes because of the volatile stock market,’ said San Francisco Redfin agent Joanna Rose. ‘In the early spring, every home was selling over its asking price with multiple bids. Then the number of people attending open houses dropped from 20 to two, and now some homes are sitting on the market for over a month and selling for under asking price. Supply is starting to pile up.'”

“‘But there is good news for some buyers. People who can afford to buy right now could get something for $100,000 or $200,000 less than a few months ago, largely because homes are often no longer selling above asking price,’ Rose continued. ‘They’ll have a higher monthly payment for now due to the rise in mortgage rates but can refinance later if rates come down.'”

The San Francisco Business Times in California. “The housing market is slowing down in San Francisco, with new June data revealing a 3% drop in year-over-year appreciation levels as well as an increase in inventory, a drop in listings going into contract and a huge leap in price increases.The median house sales price in the city fell more than 5% to $1.89 million in June after sitting at just over $2 million in May, according to Compass, but the biggest change comes in the total number of price reductions, which jumped from 156 in June 2021 to 316 in June 2022, an increase of 102%.”

“Compass Chief Market Analyst Patrick Carlisle told me that some dramatic changes have recently shown up in markets across the Bay Area. He noted in his July report that the severe economic headwinds of recent months have finally caught up with year-over-year, median home price appreciation rates in the region — as well as affecting many other major market indicators. ‘It’s probable, though not yet certain, that one of the longest, most dramatic real estate market upcycles in history — oddly enough, supercharged by a deadly, worldwide pandemic — peaked this past spring,’ Carlisle said. Median home prices in the city hit their highest levels ever back in April at $2.05 million.”

“The supply of active listings on the market is also climbing rapidly, not because of a surge in new listings, but because demand has declined, as seen in the large drop in listings going into contract, Carlisle noted. Moreover, buyer pools have thinned out, Vanguard Properties co-owner Frank Nolan told me. He said multiple offers have become an exception rather than the norm and that pricing and expectations have also changed after a season of rampant over-bidding. ‘We are seeing properties priced based on comparable sales and with the expectation that they sell near the list price,’ Nolan said.”

The Toronto Sun in Canada. “June sales of Toronto homes fell by roughly 41 per cent compared with the same month last year as higher borrowing costs weighed on the market, the region’s real estate board said. Davelle Morrison, a Toronto broker with Bosley Real Estate Ltd., has noticed fewer showings and offers being made. Sellers are taking much longer to adapt to the shifts in the market and are wistful for the conditions seen months ago.”

“‘The sellers are hanging on for dear life. It’s sort of like people with their knuckles just like grabbing on,’ Morrison said. ‘They’re saying, ‘yeah, but my neighbor sold their house for x in February and I want that price’ and everyone’s trying to explain to them you’re not going to get that price.'”

“It has Morrison prepping sellers for even further drops in the future. She tells clients if they list their home in two weeks it will likely be priced 10 or 20 per cent lower than today. If they wait a month, it will be even lower than two weeks from now. When she delivers that message, sellers are still keen on taking their time. ‘They just don’t seem to care,’ she said.”

From Blog TO in Canada. “There are a few signs that Toronto’s red-hot housing market has been starting to cool somewhat in recent weeks, with highly reduced transaction volumes, a slight dip in prices and industry people saying we’re entering more of a buyer’s marketfor the first time in a long time. Along with lower sales numbers and prices, there is another unique trend arising: more and more homeowners cancelling their real estate listings.”

“Realtor Scott Ingram: ‘So it’s happened. There were more freehold (house) listings prematurely terminated last week than sold. Was the week after a long weekend (was low last week). But I’m thinking we’ll soon see some consecutive weeks over 100% (non-Jan) for 1st time since May-Jul 2017.'”

“Though this can sometimes be a strategic move, in many cases it is because a seller simply isn’t getting their price or the number of offers they want — even more of an indication that property owners are losing their grip on what is a notoriously overvalued and generally bonkers market. A total of 2,800 listings were pulled from Strata in June, which the firm notes is a shocking 640 per cent increase from January’s figures.”

“‘Sellers aren’t getting the price they want on offer night. So they’re terminating, then relisting at the price they want,’ the latest newsletter from the company reads. ‘The landscape has shifted in [buyers’] favour as we continue along in this soft buyer’s market. Since January’s record-lows, total inventory has spiked across the GTA. This means buyers not only have more options, but they’re coming to the negotiating table with a renewed strength we haven’t seen in over six months.'”

The Windsor Star in Canada. “The average monthly sales price for a home in the Windsor area fell for the third consecutive month in June. ‘The market is stabilizing and re-adjusting,’ said Manor Realty broker/manager Rob Agnew. ‘We’ve hit a ceiling for buyers and that ceiling isn’t being cracked.’ The rising rates and dipping prices are also having impacts on out-of-town investors. Deals that have longer closing dates have left investors open to seeing a property lose $100,000 in three months.”

“‘Investors are backing out of closing despite it being against the law and we’ve seen several cases of sellers having to sue for damages,’ Agnew said. ‘That’s a long and expensive process. It’s a bit of a mess.’ Prices are also being suppressed by rising inventory. Last month there were 1,557 listings, which represents an increase of 35 per cent over June 2021. That’s about three times the number of listings that were available at the start the year.”

“‘We would’ve welcomed that supply three months ago,’ Agnew said. ‘Those would’ve sold in about 10 days with multiple offers. We’re not getting the multiple offers now.'”

From CTV News in Canada. “Home sales in Greater Victoria dropped last month by 35 per cent since June 2021, with 612 properties sold compared to 942 properties last year, according to the region’s real estate board. ‘The market feels a bit more normal right now,’ said board president Karen Dinnie-Smyth. ‘We have seen more inventory come onto the market to the extent that we are back to numbers closer to those which we saw in pre-pandemic 2020.”

“The inventory of available housing rose to 2,059 active residential listings at the end of June on the Victoria Real Estate Board Multiple Listing Service, a 15.9 per cent increase over May and a 49.7 per cent increase from last June. ‘It may seem counterintuitive to continue to talk about the need for supply at a time when inventory is rising,’ Dinnie-Smyth said. ‘We must keep the conversation alive, and we urge all levels of government to continue to aggressively address the housing supply situation. We need more supply of all types of housing.'”