It isn’t just the weather that cools after summer. The housing market does too. This year is no exception. In fact, according to one new report, the market is cooling in a few different ways. For starters, fall always sees a seasonal slowdown. This year, though, higher mortgage rates have caused buyers to become more hesitant. Seller activity has also slowed, according to the monthly report from the National Association of Realtors’ consumer website. New listings were down 7.5 percent year-over-year in October. Danielle Hale, the site’s chief economist, says new home listings have stalled but active listings haven’t pulled back. “The market is cooling on both sides, but in different ways. Buyers are stepping back as higher mortgage rates cut into their buying power, while sellers are listing less often without a broad increase in delistings or price cuts,” Hale said. “We’re seeing a pause in new supply, but owners who already have homes on the market appear to be largely unphased.” (source)
