Is the Housing Market Slowing

No doubt the housing market has stalled. If it wasn’t willed by media and the public with all the talk of a housing bubble then maybe the interest rates rising has something to do with it.

The National Association of Realtors has reported that homes for sale jumped in April by 37 percent. That means there’s a huge supply. With rising interest rates, a lower demand is here, and the prices will have to come down to match the supply. It’s economics.

In markets that were previously the mecca of real estate investing like Phoenix, Arizona, where previously homes would stay on the market on average for 7 days has gone to 60 days. Still 2 months is a quick time for most, but an almost 1000% increase from previous times on market means the housing market has to be slowing.

Markets like Boston, where time on market was reported at 52 days previously has only gone to 58 days so it seems as though there is also a resettling of the market from its two poles, no time and long time on the market.