News → Market Chills

The Housing Market Is Chilling Out

Market Enters a Cooldown

16 June 2022
During the pandemic, home buyers lamented a lack of inventory, which helped push prices to record highs. But all of a sudden, homes for sale have soared across the country and listings are piling up – and especially along the coast.
Coastal markets saw the seventh biggest increase in homes on the market in May, as 37 percent more houses became available compared to the month prior. The average jump in price of coastal homes from April to May in 2017-19 was about 8%. This year’s jump was 4.5 times bigger.
Despite this jump, coastal sales declined, which could indicate a cooling market. They dropped 10 percent compared to a year ago and 5 percent from March. Though interest in buying is falling, rental prices continue to soar, so it still makes sense to lock in a monthly housing cost and buy a house. After all, real estate has ranked as the best long-term investment for nine years in a row now.

Portia Green, REALTOR®

Portia’s clients all have a similar story. Most likely, you met her huddled around a tablet at the dinner table yet she feels like a friend. Her personable nature and easy going approach attract Sellers and Buyers alike, in what can be a stressful and emotionally charged event. A talented REALTOR® with 15 years experience, Portia is just as excited about real estate today as she was with her first transaction. She remains ever-committed to helping her clients find their place in the world and helping busy people navigate this crazy real estate market like a pro.

Related News

Home Buyers Finally Catch a Break

A combo of rising mortgage rates and sky-high prices is finally dampening demand in the red-hot housing market, showing signs of hope for home buyers.

Home Prices Are Finally Dropping

More than 25% of homes for sale on the market have seen their prices slashed. Is this the new normal – a more balanced and affordable housing market?

Preparing A House for Showings

While cleaning is the most obvious step in preparing your house for showings, it’s only one of several things to do before inviting Buyers inside.