House Market Lost Some Froth
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Hot hot hot in the home real estate market began to feel a little cooler this year.
After two years of torrid price rises, the market began to slow in the summer. The run-up was great news for sellers, but many buyers chafed at prices they found unaffordably high. Some either ended up opting for new kinds of mortgage loans that allowed them to pay less now but owe more later -- a risk -- or found themselves forced out of the market.
Between 2002 and the second quarter of 2005, the median home price in the Washington area rose 76 percent, climbing to $429,200 from $243,300.
The market began cooling in August, and things began returning to normal. More homes were for sale. They took a bit longer to sell. Some sellers even began dropping their asking prices. The fierce bidding wars subsided.
Real estate agents now say the market appears to be coming into better balance between buyers and sellers.
-- Kirstin Downey
