Is the Housing Boom Over?

Today’s real estate market is confusing.

The market is hot and getting hotter!

Prices are about to drop!

There’s no better time to sell your home!

The housing boom is over!

With a new headline or angle every day, how are you supposed to know what to believe? 

Here’s our quick take on the state of the real estate market.

The housing boom isn’t over, but it’s getting better for buyers.

Total showings are down. Total showings per house are down. And that means less competition.

But it’s all relative! If you compare to five years ago, showings are still higher than they’ve ever been, which means this is still a very competitive market.

So what other indicators can we look at?

New construction trends can tell you a lot about a market. 

June new home sales were the lowest they’ve been since the beginning of this boom.At first glance, that makes it sound like things are slowing down, but if you look closer, the sales are low because they haven’t yet completed the homes to sell! There’s such demand for new construction that contracts are being written for 12 to 18 months in the future. That signals a market that isn’t slowing down just yet.

However, we are starting to see signs of a return to seasonality in the market.

So if you’ve been struggling in this highly competitive market, we may be entering the best time to find a home relative to the rest of the year.

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