July saw a dramatic turn in the real estate market. After June’s record sales numbers, July was much slower. We won’t have statistics for the month for about a week but I believe that the number of houses that went Pending Sale in July will be down 10% or more from June. Realtors, Loan Officers and Title Closers are all commenting that business is slowing down dramatically from its record pace of the last few months.
This slowdown was expected. With the summer half over and interest rates slowly on the rise, Buyer demand is waning. This is a traditional seasonal pattern that happens around this time every year but it seems to be shaking up Realtors more this year than last. For Buyers that are still out looking, your options haven’t been this good in many years. For Sellers, expect that your home will be on the market longer and at 30 on the market you should consider a price reduction.