Are we in a buyer’s market

1. For the first time in weeks, we are seeing a rise in mortgage applications, home tours & other related real estate services.
2. For the week ending August 4, 30 year mortgage rates fell to 4.99%. The lowest level in 4 months. this was down from a 2022 high of 5.81% & up FROM 3.11% at the start of the year.
3. The supply of homes for sale across the US grew at a record rate last month… another sign that higher mortgage costs are cooling down the housing market.
4. The number of active listings nationwide jumped 31% from a year earlier…a record-high increase for a third straight month, according to a report Tuesday by Realtor.com.
5. The Federal Reserve’s effort to curb inflation by raising benchmark interest rates has put the brakes on the pandemic housing frenzy.
6. “With inventories increasing, buyers will have more negotiating power,” said Danielle Hale, chief economist for Realtor.com. “The two years of a market heavily tipped in favor of sellers appears to be in the rearview mirror.”
7. The nationwide median list price in July was $449,000… up 17% from a year earlier and close to the all-time high reached in June.
8. 45% of homes sold above list price, down from 53% a year earlier.
9. 38% of homes that went under contract had an accepted offer within the first two weeks on the market… down from 45% a year earlier.
10. 45% of homes sold above list price…down from 53% a year earlier.
11. On average, 7.7% of homes for sale each week had a price drop… a record high as far back as the data goes, through the beginning of 2015.
12. The average sale-to-list price ratio – which measures how close homes are selling to their asking prices – declined to 100.8%. In other words, the average home sold for 0.8% above its asking price. This was down from 101.9% a year earlier.

So to summarize, we are in a kind of awkward market right now. Yes it’s true to say that it looks like we are slowly moving towards a buyer’s market. Properties priced well are still selling very close to, or even over, asking price. In the Central Florida market, we haven’t seen a big decline in home prices as of the time of writing. However, we are also not seeing the kind of frantic, over the top, multiple offers (way in excess of asking price) as we saw several months ago. This is a good thing. The market appears to be balancing out and returning to normal. This will definitely favor buyers more. We are seeing a return to buyer contingencies, like appraisal waivers and inspections back on purchasing contracts.

For further information about buying & selling Central Florida real estate, call me on 407.259.6211 or email me at susanbenanterealtor(at)gmail(dotted)com.

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Susan Benante REALTOR | Signature Collection Realty