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Is the housing market hitting bottom for now?

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The National Association of Realtors put out a report this week that shows contract signings on new homes fell almost 20% year over year from July 2021 to last month.

In July, transactions were 19.9% lower than the July prior according to the Association’s pending home sales index.

Still, there are some signs the market is stabilizing after a summer of pullbacks -- because those contract signings However, the Southern region, which includes Florida and Georgia, showed the smallest drop in a lower percentage of contract signings. The West, Midwest and Northeast had steeper drops.“I had a friend of mine who’s also a realtor. And that happened to him once recently. He had buyers. They got into a contract and within 10 days they backed out of a contract. They used the inspection didn’t come up good and all that.

However, there are struggles for large national builders who sell the massive subdivisions that are built in areas like St. Johns and Nassau counties.“It may not be as easy as a year ago. You have to have it ready for inspection so you know what you’re going to be facing, and you can always fix it so when people are getting into contract with you, you’re ready,” said Mustafaeva.

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