The housing market is about to shift in a bad way for buyers

[Yo_Mama_Been_Loggin]

Competition in the housing market finally began to cool this year as listings multiplied and price gains moderated. Bidding wars became less frequent, and spring sales perked up a bit. Well, forget that. The heat is on yet again.

The housing shortage that fueled competition and resulted in sky-high price gains throughout 2017 and the first half of 2018 is on the horizon yet again. Supply is soon expected to drop and could hit a record low, according to realtor.com, after increasing in the second half of last year.

The number of for-sale listings was up by 2.8% annually in June, but that was down from May's 2.9% gain. Inventory gains began to slow this year from 6.4% growth in January to 5.8% in February. Gains continued to slow throughout the spring and supply is now expected to flatten over the next three months and could hit its first decline in October of this year, according to realtor.com.

"It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we've ever seen. If the trend we're seeing continues, overall inventory could near record lows by early next year," said Danielle Hale, chief economist for realtor.com. "So far there's been a lackluster response to low mortgage rates, but if they do spark fresh buyer interest later in the year, U.S. inventory could set new record lows this winter."

https://www.msn.com/en-us/money/realestate/the-housing-market-is-about-to-shift-in-a-bad-way-for-buyers/ar-AAE5hSU?li=BBnbfcN

[qazplm135]

1. great

and here I was looking to buy a house in the next year or so. lol

[essme]

2. I do not believe this article

Stagnant wages, and prices of houses mean many are sitting on the market.

[qazplm135]

4. I'm in a great area for low housing costs in San Antonio

You can get a nice 4 bed, 2-3 bath and around 3000 square feet for less than 300K.

As long as that doesn't change in the next year I am fine.

[dixiegrrrrl]

6. Agree.

Have read several articles in the past few weeks about very big high priced homes not selling at all
because buyers want smaller scale homes.

In my area, a rural Southern town, houses stay unsold for over 2 years. The prices and value are good,the underlying economy is not.

[Lars39]

3. Our downsizing effort only partially worked...

we got priced out of the market where we wanted to live. With no guarantee that we could find another house, we've decided to stay and renovate. I'm still glad we got rid of most of our possessions. The trick will be now to not accumulate any more.

[ProudMNDemocrat]

5. I need to downsize as well. Rochester will be booming....

with the Mayo Clinic adding close to 30,000 jobs over the next 10 years. I am looking to move in the next couple of years and fixing up, clearing out stuff, is in the cards as housing prices are going to go up. Though I need to stay near the Clinic for my eyes and my husband's Heart issues.