The market is changing. If you're planning on buying or selling in the near future please pay attention to the data and the shifting trends.
1. The inventory of homes for sale is growing: The most recent week saw active listings up 13% from last year.
2. More price cuts: Price cuts were seen in 10.5% of homes in May, up from 6.2% in May of 2021, according to Realtor.com. 3. Real Estate companies are laying people off: At
Compass, 450 of its 4,500 employees will be cut, "due to the
clear signals of slowing economic growth," according to a
company statement.
4. Mortgage applications are down: In the week ending June 10, mortgage purchase applications were down 16% from a year earlier according to the Mortgage Bankers Association.
5. Fewer people are shopping for homes: Requests for home tours and other home-buying services* was down 14% year-over-year during the week ending on June 12. (*Tours & other services from Redfin agents)
Yesterday's price is not today's price! $
Source CNN.com July 20th 2022
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