As we move into the dog days of summer, the heat of the city's spring market has definitely simmered. This doesn’t necessarily mean weakened prices, it's just that buyer's have shifted their focus away from real estate.
Showing traffic has slowed considerably and homes are spending more time on the market. That being said, sellers aren't desperate, and in some cases these listings are still selling for the same prices they were achieving in early 2023.
Another suspected interest rate increase has buyers and sellers apprehensive, further explaining this summer cooling. I suspect that by the fall a rejuvenated buyer pool will appear and sales will increase. How pricing is affected remains to be seen though. -Andrew
