Moving towards a buyer’s market?

It’s certainly not a buyer’s market yet, but there are signs that things may be moving in that direction.

  • More homes are available: While the upswing isn’t as dramatic as some predicted, it is an upswing.
  • Homes are lasting longer on the market: Again, the numbers are not particularly dramatic but they are headed in that direction
  • Price reductions are increasing: While prices are still rising overall, 14.9 percent of homes on the market, decreased their prices last month.
  • Fewer mortgage applications: This is undoubtedly a direct result o rising mortgage rates but the net result is that there are few buyers out there looking.

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