(KRON) — The real estate market is seeing some big changes. Redfin released figures today showing a dramatic flattening of sales.
According to an agent with a Pleasant Hill listing on Taylor Road, he agrees with the Redfin analysis saying changes are here in the real estate market. For example, the data shows the market was only up three percent over last year’s numbers.
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It is the slowest growth rate since June of 2020. Declining budgets and higher mortgage rates are the two main reasons for the flat numbers, analysts say.
Inflation is shrinking available resources to get into a new home. Realtor Mark Ross dives deeper into the issue for us.
“It is going to be a changing landscape, that’s for sure but not anything like going into 2008,” says Ross. While Mark Ross says concerns that a large market shake up, such as what happened in 2008 may not happen.
There are concerns locally and nationally about a recession, and that may be playing a factor in the market as well. “This is a different market, in my 40 years, so buyers need to be realistic in this new market. Do not expect a big drop, maybe some, but not much,” says Ross.