The MBS Highway Survey, which is comprised of roughly 3,000 Mortgage and Real Estate Professionals, was just released for August.
For buyers looking to purchase real estate, this slight cool-down in activity may present a wonderful opportunity!
There is certainly a slowdown in activity and pricing pressure from July to August, but 53% of respondents are still citing that their markets are active, while 47% note that it is slower.
16% of those surveyed are still seeing price increases, while 58% are seeing some degree of price decreases, although many of these are listing prices that are coming down to earth and not home value declines.
Out west, you can see that activity is slowing and pricing pressure has decreased dramatically!
Almost half of the respondents are seeing the sales pace at normal levels, with homes selling near the asking price.
Of those who said activity was slower, many cited that it was due to a lack of inventory. In addition, many are still seeing multiple offers, but less than in previous months.
Please do contact me for more information, as I would be glad to send you a customized report showing the health of the real estate market in your local area.