IT'S OFFICIAL: The National Association of Realtors (NAR) says we are now in a buyer's market in housing as a soaring supply of homes for sale means nearly flat prices and longer waits for sellers. The news came in the NAR's report for June, which showed that home sales fell to the slowest pace since January while price gains were the smallest in over a decade.
We noted in a previous post that sales in our area were slowing down with homes and land sitting on the market for longer periods. While we haven't seen a major reduction in pricing, it is only a matter of time until sellers recognize they need to be more competitive in their pricing given the rise in housing inventories should this trend continue.
While this may be a tough pill for sellers to swallow, it should be good news for those shopping for a home. We have recently seen many individuals squeezed out of our market due to the rapid price increases over the last 2- 3 years. That could be changing!
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