Each month, Credit Suisse performs a nationwide survey of real estate agents to take the temperature of the markets around the country. I’ve just received the results of the August survey and would like to share some of the results with you.
Nationally, buyer traffic was down in August. Softer demand conditions were attributed to “fading buyer urgency given the limited selection and a growing affordability headwind.” That “headwind” is caused by the upward pressure on prices due to a shortage of supply. We’ve been facing that headwind all summer in the Flagstaff real estate market. Still, it’s been a stronger year for home sales in Flagstaff than any year since the housing bust.
Nationally, while home prices continued to rise, the rate of increase slowed as buyer resistance to the price levels started to take its toll on seller expectations.
Phoenix agents saw traffic levels as unchanged from expectations – remember August is never a big month for home shopping down in that oven. Likewise, Tucson was flat after three months of buyer traffic exceeding expectations for that market. (Flagstaff’s market is too small to be included in this survey.)
Hot-off-the-presses related article.