The forecast for the fall US housing market is lower temperatures—and a cooler real estate market, if only by a few degrees. The housing market is expected to shift to something closer to normal this fall, real estate experts say. They anticipate more homes will go up for sale, helping to slow down the unparalleled price increases and bidding wars of the past year.
But real estate is likely to remain highly competitive, as there will still be many more buyers than homes to go around.
“We’re going to exhaust the pool of buyers who are still sitting on a lot of cash looking to buy their next home,” says Realtor.com® Senior Economist George Ratiu. “The market does not have a magical way of sustaining this pace [of price growth], because you’re going to run out of people who can afford it.”
However, that doesn’t mean that home prices, whose national median hit an all-time high of $385,000 in the week ending Aug. 14, will drop in the fall US housing market. In fact, prices increased 8.6% year over year that week. But that’s significantly less than the 17.2% annual rise in April.
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