Competition is waning
Redfin's data shows bidding wars were down in June. About 65% of all deals saw competition -- a high share, but a good drop from the 72% rate seen in May and 74% seen in April. You can also see competition easing in days-on-market stats. The average home is selling just 21 days faster than this time last year. Last month? It was 23 days.
Again, it's not a huge improvement -- but an improvement nonetheless. It's likely a result of slightly increased inventory and some level of buyer burnout.
Price growth has slowed
Home prices are still on the rise. In fact, median listing prices are now up 10.3% compared to this time last year. And last week was the 49th straight week of double-digit growth.
There's a silver lining, though: That growth rate has steadily declined since April (when prices were up a jaw-dropping 17.2%). Hopefully, that downward trend will continue. Freddie Mac expects home price growth to slow to a mere 5.3% by next year.
Mortgage rates are dropping
Interest rates have started decreasing again, hitting their lowest point since February. According to Freddie Mac, rates on 30-year loans averaged 2.78% last week while rates on 15-year loans hit their lowest level ever, averaging a mere 2.12%.
The rates won't solve all buyers' problems, but they will help offset rising home prices -- at least a little bit.
The Millionacres bottom line
Homebuying conditions are far from perfect, but they're at least moving in a positive direction. Are you on the hunt for your next investment property? Use these tips to make your offers stand out from the pack.