Summary: July’s residential housing sales reached their lowest levels for that month since year 2000. Last month’s sales were 29.3% below the 10-year July sales average. Home buyer demand continues to decline in today's market, especially in the detached house market. We are seeing less upward pressure on home prices across the region. This summer is quieter time in real estate. With increased mortgage rates and stricter lending requirements, buyers and sellers are taking a wait-and-see approach for the time being.
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less. Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.