The residential real estate market has “clearly shifted in favor of buyers,” says Jonathan Smoke, realtor.com®’s chief economist, in his latest analysis of housing data from the first three weeks of September. “Would-be buyers have struggled to find a home all year, but now inventory is nearly as high as it has been all throughout 2015, and it isn’t moving as quickly,” Smoke says. “Likewise, price appreciation remains above normal levels but has declined from the higher pace of the spring and summer.” Homes have been selling more slowly in September, which might make sellers more willing to negotiate on the price or other concessions, realtor.com®’s report notes.
Listings are staying longer on the market: The median age of inventory has jumped to 80 days, up 6.7 percent from August but down 5 percent year over year. Home prices peaked in July and have since inched down slightly. In September, the median list price fell 1 percent month over month to $230,000 but remain up 6 percent year over year. “Sellers should have reasonable expectations for prices and be more patient during the fall,” Smoke says in his latest report. “But both buyers and sellers should be encouraged by a market that continues to see healthy gains in transactions over last year.”