After a survey of a wide number of agents, it is clear to me that the market has begun its shift cooler, not surprising with interest rates up a shocking 69% in 2022, the volatility of stock markets, and the increase in media coverage of negative economic/market issues. Though not every agent has seen the same trends, and the trends are preliminary and not universal, these reports were repeated over and over: less traffic at many open houses, fewer offers on many new listings, some buyers dropping out or becoming much more selective, and some sellers moving their listing dates earlier. The new May 2022 reports review 1) the incredibly heated market sales statistics through April, 2) the preliminary shifts in market psychology and dynamics that are generally not yet reflected in the closed-sales statistics, 3) some national reports of cooling showing up, and 4) what typically happens when hot markets begin to shift cooler.
