The U.S. housing market, which saw strong growth for much of this year, may be starting to lose some steam, the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
Despite the slowdown in traffic, both current homeowners and first-time homebuyers groups are still posting relatively strong traffic numbers.
Meanwhile, investor’s Homebuyer Traffic Index scored below 50 in August, which indicates traffic dropped below what is considered a “flat” traffic level.
“The market is slowing dramatically following the increase in interest rates. Numbers in October/November will start to show the price plateau and sales volume decline,” reported one real estate agent from California.
“Expect weaker closed transactions due to increasing interest rates and higher prices,” added an agent from Nevada.