inception-app-prod/NTBmZTc1MmItNWRkZi00MWQzLThkMWMtMWYwNzc2YjIzODhi/content/2021/05/HomePageLogo%2824%29.png
  • Browse MLS
  • Search By Map
  • EASY Search Beach
    • DE & MD Beach Living
    • DE & MD Beach Condos
    • DE & MD Beach Trailers
    • Delaware Beach Homes
    • DE Beach Communities
    • Search DE by Price
    • Coming Soon to MLS
    • Maryland Beach Homes
    • Search MD by Price
    • Self-Search MLS
    • Search Popular Features
  • Client Resources
    • Contact Brunner Group
    • Buying a Beach Home
    • Selling Your Home
    • About Brunner Group
    • MLS Coming Soon
    • Beach Home Referrals
    • Restaurants, Pubs & Nightlife
    • Home Valuation
    • Buyer Questionnaire
    • Mortgage Lenders
  • Educate
    • Real Estate Tips & Help
    • For Sellers
    • For Buyers
    • Market Insight
  • Home
(302) 402-5762
homes@thebrunnergroup.com
Sign In
Sign Up
inception-app-prod/NTBmZTc1MmItNWRkZi00MWQzLThkMWMtMWYwNzc2YjIzODhi/content/2021/05/HomePageLogo%2824%29.png
  • Browse MLS
  • Search By Map
  • EASY Search Beach
    • DE & MD Beach Living
    • DE & MD Beach Condos
    • DE & MD Beach Trailers
    • Delaware Beach Homes
    • DE Beach Communities
    • Search DE by Price
    • Coming Soon to MLS
    • Maryland Beach Homes
    • Search MD by Price
    • Self-Search MLS
    • Search Popular Features
  • Client Resources
    • Contact Brunner Group
    • Buying a Beach Home
    • Selling Your Home
    • About Brunner Group
    • MLS Coming Soon
    • Beach Home Referrals
    • Restaurants, Pubs & Nightlife
    • Home Valuation
    • Buyer Questionnaire
    • Mortgage Lenders
  • Educate
    • Real Estate Tips & Help
    • For Sellers
    • For Buyers
    • Market Insight
  • Home
inception-app-prod/NTBmZTc1MmItNWRkZi00MWQzLThkMWMtMWYwNzc2YjIzODhi/content/2021/05/HomePageLogo%2824%29.png
inception-app-prod/NTBmZTc1MmItNWRkZi00MWQzLThkMWMtMWYwNzc2YjIzODhi/content/2022/06/56eab24a9e37153cfe782316c8ccc272e281863d.jpg
BuyersMarket InsightSellers

Is the Housing Market Correcting?

inception-app-prod/NTBmZTc1MmItNWRkZi00MWQzLThkMWMtMWYwNzc2YjIzODhi/content/2021/05/logo-5%281%29.png
Brunner Group Beach Homes ,06/14/2022

Is the Housing Market Correcting?

Is the Housing Market Correcting? | MyKCM

 

If you're following the news, all of the headlines about conditions in the current housing market may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Here’s what you need to know.

The housing market is moderating compared to the last two years, but what everyone needs to remember is that 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, . . .”

Home Showings Then and Now

The ShowingTime Showing Index tracks the traffic of home showings according to agents and brokers. It’s a good indication of buyer demand. Here’s a look at that data going back to 2019 (see graph below):

 

Is the Housing Market Correcting? | MyKCM

 

The 2019 numbers give a good baseline of pre-pandemic demand (shown in gray). As the graph indicates, home showings skyrocketed during the pandemic (shown in blue). And while current buyer demand has begun to moderate slightly based on the latest data (shown in green), 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.

Existing Home Sales Then and Now

Headlines are also talking about how existing home sales are declining, but perspective matters. Here’s a look at existing home sales going all the way back to 2019 using data from the National Association of Realtors (NAR) (see graph below):

 

Is the Housing Market Correcting? | MyKCM

Again, a similar story emerges. The pandemic numbers (shown in blue) beat the more typical year of 2019 home sales (shown in gray). And according to the latest projections for 2022 (shown in green), the market is on pace to close this year with more home sales than 2019 as well.

 

It’s important to compare today not to the abnormal pandemic years, but to the most recent normal year to show the current housing market is still strong. First American sums it up like this:

“. . . today’s housing market looks a lot like the 2019 housing market, which was the strongest housing market in a decade at the time.”

Bottom Line

If recent headlines are generating any concerns, look at a more typical year for perspective. The current market is not a crash or correction. It’s just a turning point toward more typical, pre-pandemic levels. Let’s connect if you have any questions about our local market and what it means for you when you buy or sell this year.

Print Details
Previous post
What Does the Rest of the Year Hold for the Housing Market?

Brunner Group Beach Homes
39682 Sunrise CtBethany Beach
DE 19930
(302) 314-2827
homes@thebrunnergroup.com

Resources

  • Home
  • Contact Us
  • About Brunner Group
  • DE & MD Dining & Nightlife
  • Buying a Beach Home
  • Selling Your Home
  • Tips & Help Guide
  • Home Valuation

EASY Search Beach Homes

  • DE & MD Beach Homes
  • DE Coastal Communities
  • Search By Amenities
  • Search By Map
  • EASY Search Delaware
  • EASY Search Maryland
  • EASY Search MD Condos
  • EASY Search DE Condos
  • Coastal Maryland by Price
  • Coastal Delaware by Price

Consumer Protection & Privacy

  • Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers’ personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS.
  • DMCA Compliance
  • Privacy Policy
inception-app-prod/NTBmZTc1MmItNWRkZi00MWQzLThkMWMtMWYwNzc2YjIzODhi/content/2021/05/HomePageLogo%2825%29.png

© 2022 All rights reserved

Created with Placester

Sign in

Sign In
Forgot your password?
Create an account
You have been successfully logged in
The page will reload automatically.
Go to the homepage
Sorry something went wrong
Login or password are incorrect. Please try again.
Try again

Sign Up

Sign Up
Already a User? Sign In
You have been successfully registered
Please check your email.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Reset password

Reset password
Return to Log In
Reset password email has been sent.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Change password

Change password
Sign Up
Your password has been successfully reset.
Go to the homepage
Sorry something went wrong
Please try again.
Try again
Send
Succes! Your message was sent!
Great! Someone will be in touch with you shortly!
Back to homepage
Oops! Error occurred.
Please try again.
Back to form
Already a User? Sign In

Account verification in progress

Account Verified!
You may now log in into your account
Go to the homepage
Verify your email address
In order to log in to your account, you need to confirm your email address. Please check your inbox!
Go to the homepage

Share this listing

Copy Link