Monday Market Update: For The First Time In Two Years…
The days on market has increased (but only by ONE day).
‘Tis the season: for back-to-school, for thinking about the start of fall and for the market to experience seasonal shifts. But in addition to the seasonal patterns of buying and selling taking a turn, the market has been undergoing a shift that is setting different expectations than we have seen in the last two years.
In the NAR® housing data released just over a week ago, the data reveals that “properties lingering on the market one day more than they did the same week last year.” This is a small but notable increase as the time on market has not increased at all in the last two years – until now.
This is by no means a sign to panic but a confirmation that “the housing trends that prevailed over the last two years are squarely in the rearview mirror,” according to NAR® Realtor.com® Chief Economist Danielle Hale. Stabilization is a welcome relief for many buyers who struggled to keep up with the fast pace and rising prices of the market, and now have an opportunity to (maybe) breathe before homes get snapped up.
Note that while a shift is occurring, home prices are not falling – simply rising at a slower pace. Median listing prices for the week ending July 30th still reflect 33 weeks straight of double-digit price growth – with annual increases of 15.6% on average year-over-year.
To read more, check out the article “The Housing Market Hits Another ‘First’ We Haven’t Seen in 2 Long Years” in full.
As always, we encourage our readers to stay informed, find and evaluate reputable data and make decisions that are best for you. Please don’t let one headline or one emotion drive your entire strategy or shift your perspective. The big picture has much more to offer than any single detail we may feel compelled to hyper-focus on.
All my best,
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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