Home buyers are finally getting a break in August after months of fierce competition and soaring prices that were driven by an intensifying housing shortage, a pandemic moving spree made possible by remote work and historically low mortgage rates. Home prices are flattening amid an increase in housing supply. Increased supply gives buyers more options to choose from, which helps reduce multiple offers. It’s also typical to see fewer offers on homes in the summer following the spring homebuying season, so seasonality is another factor at play especially in August. Prepare to see one final surge of inventory in September and October as the last round of sellers put their property on the market while buyers start to feel "buyer fatigue" after seeing home prices slowly become out of reach.
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