Real Estate Market Report for May 2022
Is the Housing Market Correcting? If you’re following the news, the headlines about current housing market conditions may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Here’s what you need to know.
Housing Market Leveling Out…
The housing market is moderating compared to the last two years, but everyone needs to remember that the past two years were record-breaking in nearly every way. Record-low mortgage rates and millennials reaching peak homebuying years led to an influx of buyer demand. At the same time, there weren’t enough homes available to purchase, thanks to many years of underbuilding and sellers who held off on listing their homes due to the health crisis.
This combination led to record-high demand and record-low supply, which wouldn’t be sustainable in the long term. The latest data shows early signs of a shift back to the market pace seen in the years leading up to the pandemic – not a crash nor a correction. As realtor.com says: “The housing market is at a turning point. . . . We’re starting to see signs of a new direction, . . .”
Want to know more about our local real estate market? Connect with a qualified, pre-vetted agent at Bluewater Real Estate. Serving Carteret, Craven, and Onslow Counties.