The wild residential housing market in the United States (US) is finally starting to calm down, according to the Wall Street Journal.
The publication reported more properties are coming on to the US housing market, especially in the prestige sector.
They note inventory is increasing as owners who delayed selling during the worst of the pandemic now look to list their homes.
Owners who weren’t planning to sell have also reportedly changed their minds after watching prices climb ever higher.
Meanwhile, some deals made at the height of the US market frenzy have fallen through, as recognisably overpriced homes sit rather than getting snapped up immediately.
The Hamptons-based Brown Harris Stevens real estate agent Andrea Ackerman explained the market is still hot, with strong demand buoyed by low interest rate but buyers now have more options as a sense of normalcy returns.
“The sales market is not a frenzy anymore,” said Ms Ackerman.
Existing-home sales across the country decreased for a fourth straight month in May, according to the National Association of Realtors.
In June, the number of new listings hitting the market across the US grew 11 per cent from May and 5.5 per cent compared with the same month of last year, according to the Realtor.com Monthly Housing Report.
Realtor.com Senior Economist George Ratiu said while total active inventory is down 43 per cent from the same period of last year, that is an improvement from a 60 per cent difference in May.
Price growth has slowed with more listings hitting the market across the country, Mr Ratiu said.
In June, the median listing price increased 12.7 per cent year-over-year, compared with a jump of 17.2 per cent in April.
He said he expects growth to continue slowing over the next year.
“I see this current market beginning to look a lot more like a normal market,” Mr Ratiu said.