Weekly Brief – June 28, 2021

As the summer residential sales season starts to wind down, we are finally starting to see some signs that the inventory logjam is starting to break. Home sales volumes are dipping, which is an indication that we may start to see a correction between the imbalance of buyers and sellers.

Also, as the COVID-19 pandemic starts to slowly recede, the hesitancy of sellers is starting to likewise recede.

Finally, we are starting to see the rapid rise in residential prices begin to slow down.

All of these are signs that the number of homes listed may start to rise. Couple that with the (now) 2022 lifting of the foreclosure moratorium, and I firmly believe that 2022 will be more “normal” than 2020 and 2021. This may be bad news for those who were able to sell without worrying about buying a replacement home. But it will be good news for the majority of the residential real estate marketplace.