Existing home sales slump to a near three year low as some home buyers back out. Home prices are still growing faster than wages, but the pace of price increases is decelerating steadily. Recent sluggishness seems increasingly driven by softer demand from would be home buyers in the face of two emerging trends: falling rents and rising mortgage rates.
There is still a lot of energy left in the housing market, but the rapid rise of the past few years has clearly begun to level off. On average, homes are taking longer to sell and are receiving fewer offers than before. (Source: marketwatch.com)