The housing market is hesitantly moving into the fall homebuying season, and so far, the results don't look too promising.
And the one outlier, Texas, is still reporting less-robust demand conditions.
Buyer traffic pulled back in September ,with the buyer traffic index falling to 30 from 35 in August.
According to the latest Credit Suisse [CS] monthly survey of real estate agents, “Agents comments are now squarely focused on buyer resistance to current home price levels, and that many buyers have shifted from a negotiation mindset toward a willingness to sit on the sidelines and wait for lower prices."
“The resistance of buyers to higher home prices was broad-based with comments from agents suggesting that affordability and the future trajectory of home prices was a particularly large part of conversations with buyers,” the report continued.
Here is how the top 5 markets are doing in the country, and the news is not all positive.