Jeff Andrews | Curbed.com
With housing inventory shortages rampant across the nation, the summer of 2018 was suppose to be “the most competitive housing market in recorded history,” as realtors braced to field a deluge of offers for every house for sale, allowing sellers to name their price.
But as July turns into August, reports suggest that in many markets that rush of offers hasn’t materialized. While home prices have yet to be affected, the apparent weakening of demand suggests that the housing market may finally be cooling down.
Housing inventory shortages have been a primary factor in rising home prices over the last three years. At the same time, demand for housing has risen aggressively as the economy and employment have improved. This equation has produced a seller’s market, where prospective buyers are all bidding on the same few houses, driving up prices.
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