The real estate market has hit its peak and the huge surge in the values of homes is beginning to slowing down.
An assessment by Trulia suggests homes are taking longer to sell, but that does not mean it’s a buyers’ market.
“The fact that we’re slowing down on equity, year after year, does not mean prices are falling. It just means there’s more of a correction,” said Cristina Gonzalez from Keller Williams Realty.
Markets in cities like Las Vegas and San Jose are cooling off with more price cuts and homes taking longer to sell.
In San Jose, the median price for a home remains around $1.5 million, which residents say is not affordable.
“Everything is increasing,” San Jose resident Erika Raquel Frye said. “But increasing salary doesn’t match it. We are no longer comfortable. We have to work harder and try harder.”
The Santa Clara County’s inventory remains low with around 1,500 homes on the market. Gonzalez says homes under $1 million are still very competitive and selling well.