Multiple diverse housing markets across the U.S. are continuing to observe pronounced dips in home sales as the white-hot real estate market continues a small but steady cooldown after a year of frenzy.
In Des Moines, Iowa, home sales were down more than two percent month-over-month in July and nearly seven percent year-over-year. That drop comes amid a notable dip in the number of homes for sale on the market.
In Indianapolis, meanwhile, a “year-long streak in increasing sales” came to an end last month, with a roughly identical drop in year-over-year sales as was observed in Des Moines. The “last time area sales fell on a year-over-year basis was in June 2020,” the Indianapolis Business Journal reports.
Nashville saw an even greater drop, posting an eight percent dip in sales year-over-year even as May and June posted much larger yearly gains.
The Dallas-Fort Worth market has recorded a two-month-long dip in sales, seeing a 17 drop in July that followed a three percent dip in June. Prices, however, still remained elevated from the prior year.
And in the East Bay Area in northern California, sales dropped six percent, though inventory remained sharply up from the year before.
Experts have pointed to dips in home sales, declining credit availability and several other factors as indicators of a growing slowdown in the U.S. real estate market, which has seen record prices and buying frenzies amid sharply restricted stock over the past year.