Experts think the housing market is cooling off

By Scoop
May 19, 2022 · less than 3 min read

With the economic climate changing, the property market is showing signs of a slight slowdown. 

The new normal 

According to property buying platform Zillow, the US housing market is indicating some signs of a slowdown. There’s a growing number of houses on the market, and with a tight financial climate showing no signs of easing, potential buyers are thinking more carefully before jumping ship. 

For some, it’s great news. The property market here in the States has been frantic for the last couple of years and has shocked even veteran property sellers. In April, the average home was snapped up in a jaw-dropping six days, and will almost certainly have included a bitter bidding war.  

But is all as it seems?  

The growing supply of houses is beginning to pull back some hot property prices. Redfin is reporting that 15% of sellers have cut their asking prices – up from 9% last year. Not huge, but prices could be curving ever so slightly downwards. 

Not so fast, though. Asking prices are down, but bidding wars remain, meaning houses are still going above the asking price and in double-quick times. Maybe we won’t be cracking open the champagne after all?  

The smart money, then, is betting that there’s a correction, rather than a crash, on the way. There are some overheated property markets, especially those in Charlotte, North Carolina, and Phoenix, that could really do with a bit more balance. And at the very least, buyers will be thankful.   

Liked This Article?

Get Daily Trending Topics Directly To Your Inbox

Scoop is a free daily newsletter that has the wit, charm, and most importantly, the info you need to start your day