Market Updates
Market Updates
ADIOS to the Seller's Market in El Paso
Is the seller's market over in El Paso? It appears so. Home prices declined that summer for the first time since COVID, inventory is piling up, and buyer demand has dropped substantially.
In about 60 seconds we lay out three signals the seller's market has ended in El Paso: prices coming down for the first time since the pandemic, homes sitting longer so inventory builds as new listings stack on top, and demand falling on higher interest rates and economic uncertainty. Demand down plus inventory up is the recipe for the end of a seller's market.
Video transcript
ADIOS to the Seller's Market in El Paso
Hey El Paso, in 60 seconds or less, is the seller's market over? It appears so. And I've got three points to convince you. Number one, home prices have declined this summer for the first time since COVID, okay?
Home prices coming down. Point number two, inventory is sitting on the market longer, which translates into an increase in inventory because you have the inventory that sits and then you have the new inventory, it starts to pile up.
Point number three, demand. Demand is down substantially. Why? Higher interest rates, economic uncertainty.
So demand is down. Inventory is up. That's the perfect recipe for the end of a seller's market. For more information, check out PenaElPaso.com.
