Agents in 37 of the 40 markets surveyed in September reported lower-than expected buyer traffic, the latest Credit Suisse monthly survey of real estate professional shows.
This number is up from 31 markets in August, the NAR reports. The Credit Suisse survey notes, “Many buyers have shifted from a negotiation mindset toward a willingness to sit on the sidelines and wait for lower prices.” The cause of lackluster buyer interest varies among markets. For example, the report shows that in Phoenix, Ariz., many real estate professionals report that housing demand is hampered by sluggish job growth. In Atlanta, real estate professionals blame the lack of quality inventory.