Now that the spring selling season is in our rearview mirror the market has begun its downward trend. This is to be expected, so that's okay! The decline between June and July is slightly higher than the ten year average (three percentage points, to be exact). But that's okay! The author of the RBI Pending Sales Index, Jonathan Miller, suggests that one possible reason for the bigger decrease is that the debt limit talk that dominated the airwaves last month scared off some potential buyers. He also has some interesting things to say about the new inventory that entered the market and the absorption rate (the length of time it takes to sell off current inventory). Miller goes into more detail in his report, but the major takeaways are that the housing market is being tamed into submission after a few roller coaster years. Breathe, people, breathe.
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