Buyer activity has fallen sharply in recent months, as 29% of respondents in October said that their market is still “steady to very active,” compared to 41% in September and 53% in August. Pricing pressure is also moderating, with 5% of those surveyed seeing “moderate to significant” price increases versus 10% in September and 16% in August.

Activity continued to slow this summer, as 41% of respondents in September said their market is still “steady to very active” versus 53% in August and 66% in July. In terms of pricing pressure, 10% of those surveyed are still seeing “moderate to significant” price increases versus 16% in August and 33% in July.

While there is certainly a slowdown in activity and pricing pressure from July to August, 53% of respondents said their market is still “steady to very active.” In terms of pricing pressure, 16% of those surveyed are still seeing “moderate to significant” price increases versus 33% in July.

The media continues to bash the housing market, with some suggesting that a bubble or crash may be ahead due to waning demand, higher mortgage rates and higher home prices. However, MBS Highway’s latest Housing Index Survey shows that the housing market remains strong and the media has it wrong, again.