Homebuying demand has softened somewhat and the share of home sellers dropping their price each week rose to 5.1%, but pending sales are still 10% above this time last year.
Still, housing market conditions improved slightly for homebuyers as competition eased off from the records set in June.
As demand eases and sellers adjust their price expectations, the housing market is slowly aligning to typical seasonal patterns.
Nearly 5% of listings saw price drops, the highest level since 2019.
Home prices are still up 20% from a year ago even as fewer homes sell and the ones that do are sitting on the market
Over 4% of homes for sale had price drops, and pending sales are down more than 10% from their 2021 peak.
Homebuying demand has softened somewhat and the share of home sellers dropping their price each week rose to 5.1%, but pending sales are still 10% above this time last year.
Still, housing market conditions improved slightly for homebuyers as competition eased off from the records set in June.
As demand eases and sellers adjust their price expectations, the housing market is slowly aligning to typical seasonal patterns.
Nearly 5% of listings saw price drops, the highest level since 2019.
Home prices are still up 20% from a year ago even as fewer homes sell and the ones that do are sitting on the market
Over 4% of homes for sale had price drops, and pending sales are down more than 10% from their 2021 peak.