Compared to the last two years, the Housing Market appears to be moderating. However, people need to keep in mind that the past couple of years were beyond any previous record. Millennials reaching peak home buying and low mortgage rates gave way to high buyer demand. Years of underbuilding and sellers holding off from listing their properties led to low inventory.
Even for those who are following the news, it could be hard to gauge whether the market is correcting or crashing. Latest data reveals that there were early signs of a shift back to the market pace during the years going towards the health crisis (not a correction or a crash).
According to realtor.com, "The housing market is at a turning point... We're starting to see signs of a new direction."
To track the traffic of home showings, here's a graph going back to 2019 indicating showings then and now. The data is according to agents and brokers, which is a good indicator of buyer demand.
As stated on the graph in color blue, there is an increase of home showings during the pandemic. The numbers from 2019 are the ones in color gray, giving a good baseline of pre-pandemic demand. The current buyer data in color green shows that the demand has started to slightly moderate and showings are still higher than the 2019 levels.
As much as the headlines cause many home buyers to be concerned, perspective always matters. According to the National Association of Realtors (NAR), home sales are still above the 2019 levels:
Credits: National Association of Realtors
For more information about the housing market, here's a quick update and some questions about real estate answered by expert Realtor® Kyle Kelly of The Island Wide Team, together with other professionals from different fields:
At the end of the day, it's best to consult experienced professionals who can lead you into the right direction whether you are thinking about renting, buying, selling, relocating, investing or making real estate your career. Let's talk about your best options!
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