Our August weather is pretty hot, but is the real estate market beginning to cool down?
Though we’re still seeing some strong numbers in terms of appreciation, we may soon reach the peak of our market. There are a couple of key indicators that this may be the case.
First, there has been a significant drop in the number of homes sold recently. Second, there has been a fairly dramatic rise in inventory.
Beyond these two conditions, the number of mortgage applications being submitted has dropped to a four-year low. Some of this may be due to rising interest rates and diminishing affordability, but it’s also possible that our market may be cooling soon.
The bottom line is this: No one has a crystal ball, but we Realtors do like to keep a pulse on the market. So while early signs of a market cool down are appearing, no one can say what exactly the future may hold.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.