Looks like America’s home buying binge is winding down. There’s a vibe shift visible in both the official data and in the anecdata from sellers, buyers and brokers.
Why it matters: This is just what Jerome Powell ordered. The slowdown means the Fed’s rate hikes are working — cooling demand in an overheated market.
“The buyers just stopped buying,” said Shauna Pendleton, an agent with Redfin in Boise, Idaho, until recently one of the hottest markets in the country. “Californication,” as she called it, drove an influx of buyers from the West coast, flush with cash courtesy of the also formerly booming stock market.
- Some listings now sit for weeks without even a showing, she said; like this 4-bedroom priced at $899,000; 42 days without a look-see.
- In the Dallas/Ft. Worth area, Redfin agent Robin Glaysher said five people showed up to an open house last weekend; previously there would’ve been a line out the door.
- “It’s a…
