As summer ends and fall begins, could the housing market see a softening?
High mortgage rates, low supply and a jump in prices has helped shoot up the value of homes in America. However, a silver lining may be emerging for buyers as there are signs of an uptick in new listings and a decline in prices in September, according to data from real estate platform Zillow.said. But analysts at the firm say that a weekly share of listings reveal that more than 9 percent of homes slashed prices, the highest drop since November 2022.
Zillow also noticed a possible shift in the availability of new listings, with a slight uptick in fresh homes up for sale compared to a year ago. Thewas at minus 10 percent as of September 23, but an improvement from two months before when it was at minus 30 percent. The increase in listings may have been due to sellers deciding that they need to jump in after a summer that witnessed decent sales.
"It's too soon to tell if the yet-higher interest rates this fall will send sellers back into hibernation until springtime," Zucker wrote.
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