Buyers shouldn’t break out the bubbly just yet, but things are starting to look up for them in the frothy housing market.

Sellers have had a major advantage over the past few months as prices soared and inventory dwindled. Those trends are beginning to see slight reversals, however, according to Mansion Global.

Housing inventory was still down 25.8 percent in August from a year ago, according to a Realtor.com report. But that’s better than in July, when it was down 33.5 percent.

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• Asking rents for single-family homes have spiked 13% since January

• Housing market gets more new listings than expected

• Builders selling new homes faster than they can construct them

The median listing price also dropped to $380,000 from July’s record-high $385,000. The August number is up 8.6 percent year-over-year and 20 percent from 2019, less than the corresponding July figures.

Sellers appear to be more inclined to reduce prices than they had been as bidding wars cool down across the country. Listing adjustments were up slightly from August 2020, with 17.3 percent of active listings having seen a price adjustment.

Meanwhile, the rental landscape is looking less friendly. Since the beginning of the year, asking rents for single-family homes have spiked nearly 13 percent, the highest jump in five years.

All of these factors could bring some buyers back to the housing market.

[Mansion Global] — Holden Walter-Warner

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Boston Condos for Sale 

For months now the vast majority of Boston condo buyers and sellers have been asking the same question: When will the economy turn around? Many experts have been saying the housing market will lead the way to recovery, and today we’re seeing signs of that coming to light. With record-low mortgage rates driving high demand from potential buyers, downtown Boston condo are being purchased at an accelerating pace, and it’s keeping the housing market and the economy moving.

Here’s a look at what a few of the experts have to say about today’s astonishing recovery. In more than one instance, it’s being noted as truly remarkable.

Real Estate Experts Thoughts on the Housing Market

Ali Wolf, Chief Economist, Meyers Research

“The housing recovery has been nothing short of remarkable…The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”

Fannie Mae

“Recent home purchase measures have continued to show remarkable strength, leading us to revise upward our home sales forecast, particularly over the third quarter. Similarly, we bumped up our expectations for home price growth and purchase mortgage originations.”

Javier Vivas, Director of Economic Research for realtor.com

“All-time low mortgage rates and easing job losses have boosted buyer confidence back to pre-pandemic levels.”

James Knightley, Chief International Economist, ING

“At face value this is remarkable given the scale of joblessness in the economy and the ongoing uncertainty relating to the path of Covid-19…The outlook for housing transactions, construction activity and employment in the sector is looking much better than what looked possible just a couple of months ago.”

Boston Real Estate and the Bottom Line 

The strength of the housing market is a bright spark in the economy and leading the way to what is truly being called a remarkable recovery throughout this country. If you’re thinking of buying or selling a home, maybe this is your year to make a move after all.