Is The Market Shifting?
Notes On The Housing Market
Several National Stories On Gear Shifts In The Housing Market: WSJ reports that US housing boom is coming to an end: “Dallas is housing’s ‘canary in the mine shaft.’ Homes are taking longer to sell, bidding wars are rarer and price cuts are more common as buyers absorb the impact of higher mortgage rates.”
Redfin reports that market cooling can be seen in price changes: In October 31.3 percent of homes for sale had at least one price drop of more than 1 percent. This is the highest share of price drops on record since Redfin began tracking this metric in 2010, and 6.3 percentage points above last October’s level of 25 percent. In Seattle, almost half of homes for sale had price drops, with an average price cut of $27,500, down from more than $30,000 a year earlier.
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SOURCE: CALIFORNIA ASSOCIATION OF REALTORS