[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1dxppa3kf77c5":3,"$ffeh0925h8cuz":39,"$f2emv3tus0uf1":43,"$fbwk2pqjjqsc7":47},{"item":4,"previous":27,"next":33},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":26},4104,"is-the-housing-market-correcting","Is the Housing Market Correcting?","If you're following the news, all of the headlines about conditions in the current \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F05\u002F31\u002Fwhat-does-the-rest-of-the-year-hold-for-the-housing-market\u002F\">housing market\u003C\u002Fa> may leave you with more questions than answers. \u003Cem>Is the boom over? Is the market crashing or correcting?\u003C\u002Fem> Here’s what you need to know.\r\n\r\n","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F06\u002F13124348\u002F20220614-KCM-Share.jpg","If you're following the news, all of the headlines about conditions in the current \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F05\u002F31\u002Fwhat-does-the-rest-of-the-year-hold-for-the-housing-market\u002F\">housing market\u003C\u002Fa> may leave you with more questions than answers. \u003Cem>Is the boom over? Is the market crashing or correcting?\u003C\u002Fem> Here’s what you need to know.\r\n\r\n\u003C!--more-->\r\n\r\nThe 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 \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F05\u002F17\u002Fwhy-rising-mortgage-rates-push-buyers-off-the-fence\u002F\">mortgage rates\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fnews\u002Ftrends\u002Fhousing-market-showing-signs-of-correction-what-buyers-sellers-need-to-know\u002F\">millennials\u003C\u002Fa> 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.\r\n\r\nThis 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 – \u003Cstrong>not a crash nor a correction\u003C\u002Fstrong>. As \u003Cem>realtor.com\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fnews\u002Ftrends\u002Fhousing-market-showing-signs-of-correction-what-buyers-sellers-need-to-know\u002F\">says\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cstrong>\u003Cem>“\u003C\u002Fem>\u003C\u002Fstrong>\u003Cstrong>\u003Cem>The housing market is at a turning point\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>. . . . We’re starting to see signs of a new direction,\u003C\u002Fem>\u003Cem> . . .”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch4>\u003Cstrong>Home Showings Then and Now\u003C\u002Fstrong>\u003C\u002Fh4>\r\nThe \u003Ca href=\"https:\u002F\u002Fshowingindex.stats.showingtime.com\u002Fdocs\u002Flmu\u002Fx\u002FUnitedStates?src=page\">\u003Cem>ShowingTime Showing Index\u003C\u002Fem>\u003C\u002Fa> 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 (\u003Cem>see graph below\u003C\u002Fem>):\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F06\u002F13124350\u002F20220614-MEM-Eng-1.png\">\u003Cimg class=\"aligncenter wp-image-46652\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F06\u002F13124350\u002F20220614-MEM-Eng-1.png\" alt=\"Is the Housing Market Correcting? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nThe 2019 numbers give a good baseline of pre-pandemic demand (\u003Cem>shown in gray\u003C\u002Fem>). As the graph indicates, home showings skyrocketed during the pandemic (\u003Cem>shown in blue\u003C\u002Fem>). And while current buyer demand has begun to moderate slightly based on the latest data (\u003Cem>shown in green\u003C\u002Fem>), showings are still above 2019 levels.\r\n\r\n\u003Cstrong>And since 2019 was such a strong year for the housing market, this helps show that the market\u003C\u002Fstrong> \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F21\u002Fwhy-this-housing-market-is-not-a-bubble-ready-to-pop\u002F\">\u003Cstrong>isn’t crashing\u003C\u002Fstrong>\u003C\u002Fa>\u003Cstrong> – it’s just at a turning point that’s moving back toward more pre-pandemic levels. \u003C\u002Fstrong>\r\n\u003Ch4>\u003Cstrong>Existing Home Sales Then and Now\u003C\u002Fstrong>\u003C\u002Fh4>\r\nHeadlines are also talking about how existing home sales are declining, but perspective matters. Here’s a look at \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fhousing-statistics\u002Fexisting-home-sales\">existing home sales\u003C\u002Fa> going all the way back to 2019 using data from the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR) (\u003Cem>see graph below\u003C\u002Fem>):\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F06\u002F13124351\u002F20220614-MEM-Eng-2.png\">\u003Cimg class=\"aligncenter wp-image-46653\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F06\u002F13124351\u002F20220614-MEM-Eng-2.png\" alt=\"Is the Housing Market Correcting? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nAgain, a similar story emerges. The pandemic numbers (\u003Cem>shown in blue\u003C\u002Fem>) beat the more typical year of 2019 home sales (\u003Cem>shown in gray\u003C\u002Fem>). And according to the latest projections for 2022 (\u003Cem>shown in green\u003C\u002Fem>), the market is on pace to close this year with more home sales than 2019 as well.\r\n\r\nIt’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. \u003Cem>First American\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fthe-reconomy-podcast-breaking-down-the-recency-bias-in-housing-market-data\">sums it up\u003C\u002Fa> like this:\r\n\u003Cblockquote>\u003Cem>“. . . today’s housing market looks a lot like the 2019 housing market, \u003Cstrong>which was the strongest housing market in a decade at the time\u003C\u002Fstrong>.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf 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.","\r\nIf 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.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F06\u002F13124350\u002F20220614-MEM-Eng-1.png",false,[17,21],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},6,"For Sellers","sellers","2022-06-14T10:00:55Z","2023-02-03T15:34:12Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},4102,"more-americans-choose-real-estate-as-the-best-investment-than-ever-before","More Americans Choose Real Estate as the Best Investment Than Ever Before","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F06\u002F10135301\u002F20220613-KCM-Share.jpg","2022-06-13T10:00:59Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},4106,"home-price-deceleration-doesnt-mean-home-price-depreciation","Home Price Deceleration Doesn’t Mean Home Price Depreciation","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F06\u002F15152230\u002F20220616-KCM-Share.jpg","2022-06-16T10:00:41Z",{"cover":40,"open":41,"shareSpread":42},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",{"cover":44,"open":45,"shareSpread":46},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[48,52,53,54,58,62,66,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154,158],{"id":49,"name":50,"slug":51},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":22,"name":23,"slug":24},{"id":55,"name":56,"slug":57},7,"Foreclosures","foreclosures",{"id":59,"name":60,"slug":61},8,"Infographics","infographics",{"id":63,"name":64,"slug":65},9,"Home Prices","home-prices",{"id":67,"name":68,"slug":69},11,"First-Time Buyers","first-time-buyers",{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":79,"name":80,"slug":81},38,"Move-Up","move-up",{"id":83,"name":84,"slug":85},41,"For Sale by Owner","for-sale-by-owner",{"id":87,"name":88,"slug":89},42,"Featured","featured",{"id":91,"name":92,"slug":93},45,"New Construction","new-construction",{"id":95,"name":96,"slug":97},52,"Luxury \u002F Vacation","luxury--vacation",{"id":99,"name":100,"slug":101},53,"Rent vs. Buy","rent-vs-buy",{"id":103,"name":104,"slug":105},80,"Time-sensitive","time-sensitive",{"id":107,"name":108,"slug":109},81,"Outdated","outdated",{"id":111,"name":112,"slug":113},147,"Internal","internal",{"id":115,"name":116,"slug":117},148,"Do Not Autopost","do-not-autopost",{"id":119,"name":120,"slug":121},320,"Inventory","inventory",{"id":123,"name":124,"slug":125},321,"Agent Value","agent-value",{"id":127,"name":128,"slug":129},322,"Affordability","affordability",{"id":131,"name":132,"slug":133},323,"Buying Tips","buying-tips",{"id":135,"name":136,"slug":137},324,"Downsize","downsize",{"id":139,"name":140,"slug":141},325,"Economy","economy",{"id":143,"name":144,"slug":145},326,"Equity","equity",{"id":147,"name":148,"slug":149},327,"Forecasts","forecasts",{"id":151,"name":152,"slug":153},328,"Selling Tips","selling-tips",{"id":155,"name":156,"slug":157},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":159,"name":160,"slug":161},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]