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Home listings surge at record rate as housing market starts to cool

Source: Fox Business

Home prices remain near record highs but buyers could soon have more negotiating power.

The national inventory of homes for sale grew at a record pace for a third consecutive month in July, the latest sign that rising borrowing costs are starting to cool off the housing market.

Housing economists said the U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy. July’s elevated mortgage rates left many buyers tightening their budgets and sellers responding with price reductions, while home shoppers who kept searching saw more available options.

 

About Community Real Estate

Community Real Estate is a Real Estate Brokerage committed to provide quality professional services. We are a full service company with in-house lending. We are Realtor®s and HUD approved selling agents. We are expert Short Sales, Listing Agents and Buyers’ Agents. We also specialize in First Time Buyers, Second Homes, Vacation Homes, Investment Homes, Leasing and Rentals, Relocations, Probate sales, Vacant Land sales, Manufacture Homes/Mobile Homes sales, Foreclosures, Distress Properties and REO listings and sales. We support our America’s Heroes. We look forward to meeting you and your needs!
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714-835-7126

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