Real Estate Slow Down In Sight?
Although nearly 50% of the homes sold for more than their list price in the last four weeks ending May 16, there are signs that housing market demand may be reaching its peak. In the 7-day stretch leading up to May 16, pending sales were down 10% from four weeks prior. Home prices remain astronomically high, although mortgage rates spiked last week, jumping 6 basis points to 3%. There has also been a slow down in new listings.