The Housing Market Just Hit a Turning Point That Could Change he Homebuying Game
The month of May might go down as a turning point in the red-hot real estate market that’s been scalding homebuyers for the past few years.
The number of new listings that hit the market last month rose for the first time since June 2019. This resulted in May buyers shopping with 8% more active listings to scroll through as compared to this time last year.
Despite inventory growng, prices are still on the rise as the overall number of inventory available on the market is still considerably low as a result of buyer demand continuing to meet the low level of inventory, despite slightly cooling off from peak activity in previous months.
Many homebuyers have felt the change in the real estate market as result of increasing home prices, alongside rising mortgage rates, now at the time of this writing being at over 5%. Unfortunately, many potential homebuyers are finding themselves disqualified from being in a good financial standing to purchase a home now as a result of the combination of these negative factors.
On the other side of the coin, those that have been able to stay afloat amid these changes are now being rewarded with more options in inventory selection. While there is more inventory than in past months, this does not translate into buying activity not being there as it still remains significantly over the traditional statistics of this time of year.
Heidenry, Margaret. “The Housing Market Just Hit a Turning Point That Could Change the Homebuying Game.” Real Estate News & Insights | Realtor.com®, Real Estate News & Insights | realtor.com®, 2 June 2022, www.realtor.com/news/trends/housing-market-turning-point-may-inventory-report/.