The U.S. housing market is still not “buyer friendly” although, after a whirlwind year, it’s finally heading in that direction, according to industry experts.
According to Realtor.com chief economist Danielle Hale, the July housing market is still “demanding quick decisions and top dollar” from buyers.
However, Hale projects that the “usual seasonal fall break in prices may return this year” — and sooner than usual.
For now, though, prices are still increasing. Over the past week, median listing prices grew 10.1% compared to a year ago, “marking 47 straight weeks of double-digit price growth,” according to Hale.
The pace of price growth is still unusually high, Hale said, adding that median listing prices even hit a fifth consecutive record high in June at about $385,000.