When homes are selling quickly, buyers have to move fast. That can be stressful. Choosing a home to buy is not a decision you want to make in a hurry. That’s why a recently released market analysis should be encouraging for anyone hoping to buy a home anytime soon. The analysis shows the housing market has cooled and is less competitive now than it’s been in recent years. For example, homes sold in July were typically on the market about 18 days, which is six days longer than they were last year at the same time. And while that’s still faster than the average pre-pandemic pace, listings lasting almost a week longer than last summer is definitely a break for buyers. The reason for the improvement is growing inventory. As the number of homes for sale has risen, the balance of supply and demand has improved and provided buyers some additional time to deliberate before making an offer. (source)
