With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region. This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.
Summer is traditionally a quieter time of year in real estate. This is particularly true this year. With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.