Is the Housing Market Correcting?

The housing market is moderating compared to the last two years, but what everyone needs to remember is the past two years were record-breaking in nearly every way. Record-low mortgage rates and millennials reaching peak homebuying years led to an influx of buyer demand. At the same time, there weren’t enough homes available to purchase thanks to many years of underbuilding and sellers who held off on listing their homes due to the health crisis.

This combination led to record-high demand and record-low supply, and that wasn’t going to be sustainable for the long-term. The latest data shows early signs of a shift back to the market pace seen in the years leading up to the pandemic – not a crash nor a correction. As realtor.com says, “The housing market is at a turning point. . . . We’re starting to see signs of a new direction, . . .”

The ShowingTime Showing Index tracks the traffic of home showings according to agents and brokers. It’s a good indication of buyer demand. Their 2019 numbers give a good baseline of pre-pandemic demand. Home showings skyrocketed during the pandemic. And while current buyer demand has begun to moderate slightly based on the latest data, showings are still above 2019 levels. And since 2019 was such a strong year for the housing market, this helps show that the market isn’t crashing – it’s just at a turning point that’s moving back toward more pre-pandemic levels.

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