The housing market has been red hot lately, forcing high prices for buyers across the country. And while at one time the end seemed to be nowhere in sight, a few signs are pointing toward the market finally cooling off.
Limited housing inventory has driven the price of houses up dramatically over the past year. It’s not uncommon for houses to be sold well over listing price and for buyers to get in a bidding war over available properties. But experts stress that relief may soon be on the way.
According to the most recent data, the number of available homes on the market increased slightly in July for the first time in several months. More homes available means a dip in prices could be on the way.
But what other data points suggest a market cool off is coming? And how soon can homebuyers expect to find relief?