With home listing prices dropping at the fastest rate in nine years, the news is indeed good for buyers. The national median asking price declined by 2.5% in June, the eighth consecutive month of decreases.
Real estate analysts agree that, in most cases, sellers are listing their homes at reasonable amounts with occasional exceptions at the ultra-high end.
Finally, for the first time in over two years, days on the market held steady at 53, showing the buyers are indeed moving to purchase.
According to a new survey by the National Association of Home Builders, 54 percent of active buyers are taking up to three months or longer to find the right home.
Of course, low inventory is largely responsible as are properties within their price range, according to 49 percent of respondents. Other reasons include the lack of desired features (40 percent) and looking for the right neighborhood (38 precent).
Yet, despite the obstacles, 61 percent say they will keep looking, while 18 percent say they will put off the search for now and resume in the nest year or later.