• Inventory is growing at a time of year that usually sees declines

• Competition in the housing market is cooling off fast, even for this time of year

• The weekly share of listings with a price cut climbed to 9.2% in the week ending September 16th, the highest share since November of last year.

• The share of homes that sold for more than their final list price has been gradually declining, from a peak of 41.9% of closed sales in the week ending June 24th, to 38.3% in the week ending August 12th

My take

This is not a buyer’s market by any stretch, but for a few determined buyers with enough of a budget, the next couple of months might offer a good chance to capitalize. There are more motivated sellers and more active listings overall than at any time since last December. This supply trend, coupled with higher mortgage rates pushing most buyers out of the market, means that there is less competition for those home shoppers who remain in the hunt.