There may be relief for future homebuyers yet.
It looks as though the housing market is cooling down – existing home sales were 2.4% lower in the third quarter than a year ago.
While some might see this as a downturn, housing analysts are seeing it as a “rebalancing of the market.” Meaning that the earlier 2020 prediction of the change in real estate might be shifting earlier – with a seller-advantage market morphing into a mild buyer-advantage market, homebuyers are seeing price reductions that they desperately needed.
According to Redfin, almost 29% of listings in top markets saw price drops.
If this “rebalancing” is in development, we might all see harmony within the housing market – at least, for a little while.