To determine how hot (or cold) the housing market is as the spring real estate season kicks off, a new study examines sales pace in the 250 largest U.S. markets from March 2018 to February 2019.
The study findings suggest that at the national level, conditions are favoring buyers more and more. Realtor.com's research shows that the typical for-sale home spent 83 days on market in February 2019, with no annual change, a "telltale sign" that the market is slowing down. Even in the hottest, expensive, coastal markets, days on market is inching up, says the real estate listing platform. The site's chief economist Danielle Hale says, "In a lot of these markets you can probably negotiate on price more than you could a year ago," adding, "In a fast-moving market, you need to move quickly. A home you saw one week might be gone the next."
It’s (almost) time to put away the ice scrapers and banish that bulky, battered winter coat to the rear of your closet. Spring is here—and it’s not just the mercury that’s heating up ... This year’s spring market is extra significant, since it will tell us whether the recent slowdown in home sales and price appreciation is just a fluke—or the new normal.
A more leisurely-paced market indicates a slowdown, and that translates into opportunities for price-conscious buyers to window-shop and negotiate while sellers cool their heels, and get a wee bit nervous.
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