Aggregate numbers in real estate are best at showing large-scale trends, and that’s why I like this snapshot summary of some home sale indicators. The impact of the mortgage interest rate fluctuation a few months ago did indeed take the edge off the bidding wars that had become the norm in the past two years. Prices are rising, but at a far lesser pace. Inventory is gaining a bit of traction- even though there are still far fewer properties for sale than in past. Days on market have ticked up just a bit so buyers can take a breath before having to write an offer.
As long as rates don’t squeeze the life out of the market, the new dynamics are favorable to the home selling process.