Housing market softening … slightly

Home viewing is down, there are fewer Google searches for “homes for sale” and mortgage applications are down 14 percent compared to the same time last year. Due to continued rising homes prices – albeit at a slower rate – and fairly rapid mortgage rate increases, a fair number of prospective buyers have been forced to step away from their search.

On the other hand, housing inventory actually rose 8 percent last month compared with May 2021.

And, while some sellers have been forced to come down slightly in their asking price, 54 percent of homes on the market had accepted an offer within two weeks of being listed.

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