The housing market is expected to cool off this year. The number of homes for sale is forecast to increase while buyer demand slows from last year’s frenzied pace. Together, those two factors should help provide some relief to home buyers after years of historically low inventory and surging price spikes. But while a better-balanced market may be on the way, the change won’t happen overnight. It certainly hasn’t thus far. In fact, according to one recent measure of home prices which tracked data through the end of April, nearly 70 percent of homes sold this spring have sold for more than their asking price. That means attractive listings are still receiving multiple offers, as home shoppers face competition from other interested buyers. It also means summer home buyers should probably be prepared for a hot market. Inventory may improve in the months ahead, which will take some of the pressure off – but with prices still increasing by double-digits and the majority of homes for sale receiving multiple offers – hopeful home buyers will be better off if they’re financially ready for a fast-moving, competitive market. (source)
