Sellers are getting worried, as the once-hot real estate market cools down quickly, we are of course discussing the national real estate market, and no regional market in particular.

One in 5 listings in August dropped their asking price, according to Realtor.com. A year ago that share was simply 11%.

Homes are simply not selling at the breakneck pace they were 6 months back when solid demand butted up against tight supply, bidding process wars were the standard, and a listing might often get an authorized contract in under a weekend. Residences in August sat on the market an average 5 days much longer than they did a year ago– the first annual rise in time on the market in more than 2 years.

The housing supply is climbing quickly, up almost 27% from a year earlier, as fewer homeowners choose to list their properties. Pending sales in July, which represent signed contracts on existing residences and also which are the most recent sales information readily available, were almost 20% lower than July 2021, according to the National Association of Realtors.

The average listing price in August dropped to $435,000 from $449,000 in July, according to Realtor.com.

Mortgage rates have been climbing since January, striking a recent high in June and falling back slightly in July and much of August. They are, nonetheless, rising once more and may soon match that June high.

what does all this mean for you the home buyer, well it’s simple, the market is not dead, and neither are home values declining, it’s just transitioning into a buyer’s market instead of the cutthroat seller’s market it once was a short time ago.