Slow sales and plummeting mortgage applications suggest home prices may have hit their peak.
With housing inventory shortages rampant across the nation, the summer of 2018 was suppose to be “the most competitive housing market in recorded history,” as realtors braced to field a deluge of offers for every house for sale, allowing sellers to name their price.
This was expected to intensify over the summer, but recent reports have suggested the opposite. One realtor in California told CNBC that they’re still selling every house, but only getting a few offers instead of “the 10 to 15 offers we were seeing earlier in the year.”
But as July turns into August, reports suggest that in many markets that rush of offers hasn’t materialized. While home prices have yet to be affected, the apparent weakening of demand suggests that the housing market may finally be cooling down. Read full article @elizabethGkilgore
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