However, there are some signs that the market is cooling to a degree. As Bloomberg notes in the article below, U.S. home-price appreciation slowed for a second straight month in September. Sellers are still mostly in a good position, but the pendulum is swinging toward buyers. For instance, roughly 80 percent of listings in the Boise, Idaho, metro area had price cuts in September as the market begins to settle down following the pricing surge.
This doesn’t mean real estate markets aren’t still “hot” — particularly in these 10 areas — but they might not be as scorching hot as they were a few months ago. Some real estate experts refer to this process as “normalizing,” and there are several factors in play, including buyers simply getting priced out and the typical cooldown we see in the fall and winter.
This ebb and flow is pretty common in real estate, and it’s a good reminder for corporate home sale programs to make sure they’re sticking to tried-and-true basics — things like using two relocation-trained agents to complete a broker market analysis and requiring inspections, even if a seller is willing to waive them to speed up a deal. Doing so will help ensure you have an IRS-compliant program, no matter what happens with the market.
Across the U.S., home-price appreciation slowed for a second straight month in September as part of a modest cooldown, Zillow Group Inc. reported this week. The number of homes with price cuts is growing, with counties near Denver, Salt Lake City and Indianapolis seeing more than half of listings get reductions, according to Redfin. Even some of the hottest areas where workers from large urban cities sprawled out to, such as the counties including Portland, Maine, and Tacoma, Washington, have had cuts on more than 40% of listings, Redfin data show.