【Zillow】Declining Demand Drives Price Pullback

• The recent housing market slowdown has been disproportionately due to a pullback in demand and not an increase in supply. In fact, supply – as measured by new for-sale listings – decreased compared to a year ago, which is atypical in slowing markets.
• Over the last twelve months, active demand — as measured by the number of people actively shopping for a home – has fallen by an estimated 30%
• While overall for-sale inventory has risen, a low flow of new listings entering the market and the enduring strength of outstanding mortgages offer some support to otherwise falling prices.

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