Sellers Waiting for Market Peak Think It’s Here

Real Estate Broker/Owner with Charles Stallions Real Estate Services
illustration of houses for sale
Diane Labombarbe / Getty Images

Some owners were waiting to list, hoping to maximize their potential profit; some may fear they have to act now. New listings are rising twice as fast as a year ago.

NEW YORK – Some homeowners with a yen to sell have a growing concern that they may miss out on the buyer frenzy. Signs of a slowing real estate market are growing across the country – existing-home sales and new-home sales are falling as well as pending home sales.

The inventory of homes for sale rose 9% last week compared to a year ago, according to®. New listings are rising nearly twice as fast in the past four weeks as they did a year ago.

“Rising mortgage rates have caused the housing market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further,” says Daryl Fairweather, Redfin’s chief economist.

Pending home sales fell for the sixth consecutive month in April and are now at the slowest pace in nearly 10 years, the National Association of Realtors® reported Thursday.

Home sellers also see less competition from buyers. An index that measures buyer demand based on Redfin requests for home tours and home buying services was down 8% annually for the week ending May 15 – the largest decline since April 2020, when the pandemic put everything on pause.

Further, nearly one in five sellers has dropped their asking price, the highest rate since October 2019, Redfin reports.

“We used to get 10 to 15 offers on most houses. Now I’m seeing between two and six offers on a house, a good house,” Lindsay Katz, a real estate broker at Redfin in the Los Angeles area, told CNBC.

Source: “Home Listings Suddenly Jump as Sellers Worry They May Miss Out on the Red-Hot Housing Market,” CNBC (May 26, 2022)

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Comments (3)

Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

And now may be the time for those frustrated buyers in the past year to get back into this market.

Jul 18, 2022 09:47 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Those who make decisions based on trying to determine a bottom or a top are bound to get burned. 

Jul 18, 2022 11:05 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.   Thanks for sharing and enjoy your week!

Aug 01, 2022 05:51 AM