Housing Boom Starting to Quiet Down

This article is from July 30th, I think things might have quieted down before that, but that’s just my opinion. Regardless of the title of the article, it is a good article specific to our market. (Don’t see those very often) There are some interesting stats, and the author did a good job talking about the cause for the slow down in appreciation, and the lower volume.

I have only one issue, (I always have at least one). The author talks about the difference in appreciation this year as opposed to last year like it is a surprise. I don’t think anybody expected 20% + appreciation to continue forever. I do think it is funny how some people have ‘freaked out’ over the market returning to normal. FYI, NAR’s definition of a balanced market is 5-7 months of inventory. They also refer to this market as transitional, rather than balanced as they view real estate a cyclic, and always on the move. Which gives us a sellers market (<4months>7 months), or a transitional market. (the in between)