In my summer update I wrote "Real Estate is Back with a Vengance!" It was when the inventory of homes was 17% lower than it is now and interest rates were somewhere in the 3.5% range. Since July, rates have gone up a full percentage point (to ~4.5% currently), so buying has slowed down.
In addition to that, with the increase in homes for sale, we are reaching what the industry calls a "Balanced Market" meaning than it's neither a "Buyer's Market" or a "Seller's Market", but somewhere in the middle. It usually means that there is about a six month supply of homes for sale and the odds of selling in two days, with multiple offers, and going over list price (like in some areas this last Spring) are few and far between.
Question to the Reader: Did you get into the market over the summer?
www.GregLobb.com
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