By Steve Murray, President of Real Trends
The National Association of Realtors reported that their Pending Home Sales index reflected the fifth month in a row of declining home sales on an annualized basis. Five months of declining pending home sales indicate more than a seasonal flutter.
As with others, I look around and listen to brokerage firms in the Denver area, as well as in other areas. What I’ve heard is that even sky-high markets like Seattle and Denver are seeing increased inventory and a decrease in the aggressiveness of buyers in mid- to upper-price ranges regarding multi-offer situations. We’ve read about this same situation in other markets as well – declining home sale units and increased inventory. The Real Deal and other publications, for instance, are reporting this about the New York City market.