The Latest on Housing Supply and Demand

Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point..

This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. The latest data from ShowingTime illustrates how showings (an indicator of buyer demand) have softened by just over 12% compared to the same time last year. At the same time, data from realtor.com shows active listings are up nearly 27% compared to last year. That’s because the moderation of demand allowed housing inventory to increase in 2022.

What Does This Inflection Point Mean for Buyers?

If you’re thinking of buying a home, you’ll have less competition and more options than you would have had last year. The increase in supply has also increased your negotiation power. As opportunities and challenges facing buyers continue to evolve with today’s shifting market, reach out. I would love to put my resources to work for you.

What Does This Inflection Point Mean for Sellers?

If you’re looking to sell your house, know that inventory is still low overall. That means that well prepared and – most significantly -well priced homes are still moving despite the inventory gains and moderating buyer demand this year.

If you’re thinking of buying or selling a home, let’s connect so you know what’s happening in our local market and what that means for you.