Over the past few years, the stark imbalance of low housing supply and high buyer demand has pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point. The graph below helps show just how different things are today.

This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. The graph uses the latest data from ShowingTime to illustrate how showings (an indicator of buyer demand) have softened by just over 12% compared to the same time last year.The green bar shows how housing supply has changed. It uses data from realtor.com to show that active listings are up nearly 27% compared to last year. That’s because the moderation of demand allowed housing inventory to increase in 2022.

What Does This Mean for Buyers?

If you’re thinking of buying a home, you’ll have less competition and more options than you would have had last year. Enjoy having more homes to choose from in your home search, and get in touch with us to learn about how the increase in supply has also increased your negotiation power. We can talk all about the opportunities and challenges that buyers are facing in today’s shifting market. You may be surprised to find that these things are different than they were a year ago!

What Does This Mean for Sellers?

Bottom Line

If you’re thinking of buying or selling a home, we're here to help. Let’s connect so you know what’s happening in your local market and what that means for you!