A Departure From When Lack Of Inventory Was Blamed For A Slowdown
A report from the Pueblo Chieftain in Colorado. "The trend of slower sales in many of Colorado's previously red-hot housing markets reached Pueblo in September. Pueblo area home sales were down 21 percent last month from a year earlier, according to Colorado Association of Realtors data. Until last month, sales were running about even with last year's numbers. 'The numbers clearly reflected the slowdown our local agents felt,' said David Anderson, president of the Pueblo Association of Realtors. 'Compared to last year, new listings were flat, pending sales dropped just over 8 percent and sold listings were down.'"
"Statewide, large chunks of Colorado's once red-hot housing market began cooling a bit earlier in the year, led by a sales drop in the Denver Metro area, according to state association data. Pueblo was among the markets where sales waited to cool off."
"Now, among the state's larger markets, sales remain near their peaks only in the Fort Collins-Loveland, Greeley and Longmont-Boulder areas. In Colorado Springs and many areas of the Denver metro area, sales were down about 17 percent in September from a year ago and median prices were starting to flatten, according to the Realtors' data."
"The areas slowing the most around Denver include suburban counties such as Douglas, Arapahoe and Adams, data show. Elsewhere in the state, September sales in the Grand Junction area were down 19 percent from a year earlier."
"The trend represents an opportunity for buyers, the state association said. 'Colorado homebuyers may be feeling a little bit of relief as a combination of seasonal and market factors have helped to slow down the fast-paced, over-asking-price sales and hold steady or even drop the median sales price in many parts of the metro area and state,' the group said in a statement."
The Rockland/Westchester Journal News in New York. "The residential market in the Lower Hudson Valley shows signs of a slowdown. The report, issued by the Hudson Gateway Multiple Listing Services, signals a departure from the trend in recent quarters when the lack of inventory was blamed for a sales slowdown in the heated market."
"In Westchester, the number of overall sales from July to September was 3,022, the lowest in the past four years, or a decrease of 5.2 percent from a year ago when the figure was 3,189. Meanwhile, the end-of-quarter inventory slightly increased to 4,175 from a year ago when the figure was 4,135, reversing a downward trend since 2014."
"Jennifer Mallory, regional vice president of HGAR, said the market, which has been heating up in the past few years, is in correction mode. 'The market runs in cycle, and you can't have the entire time upward. At a certain point it goes down,' she said, 'It’s part of the natural cycle.'"