The Real Estate Market “Shift” Is Here
Looks like America's home buying binge is winding down. There's a vibe shift visible in both the official data and in the anecdata from sellers, buyers, and brokers.
Why it matters: This is just what Jerome Powell ordered. The slowdown means the Fed's rate hikes are working — cooling demand in an overheated market.
"The buyers just stopped buying," said Shauna Pendleton, an agent with Redfin. Buyers who were flush with cash courtesy of the also formerly booming stock market have completely pulled back.
- Some listings now sit for weeks without even a showing. Some homes are sitting for 42 days without a single showing.
- Redfin agent Robin Glaysher said five people showed up to an open house last