More houses on market, but prices still high
The Pensacola Bay Area's overinflated housing bubble might not have popped, but it certainly is losing air.
The main reasons home prices are showing signs of leveling off, according to some local real estate agents and mortgage lenders:
- Since January, the number of homes for sale in Escambia and Santa Rosa counties has more than tripled. And since June 1, it has nearly doubled.
- At the same time, interest rates, while still historically low, are inching higher. And local creditors say buyers are less likely to borrow money through non-traditional programs, such as interest-only loans, which have allowed them to qualify for more expensive homes.
Read article: Home Costs Cooling via PensacolaNewsJournal.com
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