Such high demand for housing and little inventory makes it a challenge to purchase a home today.
But is the market slowing down?
The short answer is yes, to a certain to degree the market is slowing down.
Do not get me wrong – homes are still selling very quickly and receiving multiple offers, but I am seeing a slow incline in more inventory.
It isn’t a lot, but there is a gradual increase in homes for sale. Obviously, this could vary from area to area but overall, there are more homes being listed.
Does that mean the market is now slow? The answer is no!
For a market to stabilize that comes in time and will not happen overnight. We are also approaching summer months which is traditionally a slow time of the year anyway. This time last year we did not see any types of slowing down and time will tell if we see a slow down this summer.
The mortgage interest rates did climb slightly and the average 30-year conventional loan is 3.25%.
Whereas a few months ago the average interest rate was 2.75%. again, with mortgage rates spiking slightly in a slight incline of housing inventory will not necessarily slow way market down!
A complete market slowdown will take time to occur and when that time will happen is unknown.
Always keep an eye out for housing inventory and mortgage rates as they both are good indicators of market activity.
If you have any questions, please feel free to call me at 215-630-9363.
PHOTO CAP: Joe Cairo