ZILLOW: Housing MARKET is BAD!!

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After two-plus years of unimaginable and seemingly inexorable growth, home prices are falling from their heady peaks over the summer.

The reason: Higher mortgage interest rates have thinned out the ranks of buyers who can still qualify for a home loan and sharply reduced the price of the homes the remaining few in the market can afford. Gone are most of the frenzied bidding wars and six-figure offers over the asking prices. Homes are now sitting on the market longer, inventory is piling up, and sellers—at least in some markets—are cutting prices.

In some metropolitan areas, median list prices overall are falling from their June highs. These are the places where buyers can find relative deals compared with a few months earlier and where there are generally more homes for sale. The Realtor.com® data team rounded up these buyer-friendly housing markets.


Ironically enough, they tend to be the areas that fully dominated the real estate market during the COVID-19 pandemic, with big influxes of new residents from more expensive parts of the country looking for more affordable homes and investors competing with them. Some of the steepest decreases are in Sun Belt destinations.


Did you miss our previous article...
https://trendinginrealestate.com/where-to-buy/whats-going-on-in-the-real-estate-market-throughout-the-country