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Three House Shaped Thermometers
Jose Velez / Money

This year’s housing market has been high-stakes. Prices skyrocketed, bidding wars were rampant and, thanks to remote work, demand was strong in virtually every market across the U.S. It was a challenging landscape for buyers, to say the least.

But just as the weather has started to cool (a welcome reprieve here in Texas), it seems housing has started to chill as well.

To be clear: That doesn’t mean a buyer’s market is in the cards — nor is there any indication prices will start to decrease any time soon. What the data does point to, however, is a slightly more manageable market than buyers have seen so far this year.

“The housing market has absolutely cooled from where it was this past winter and spring,” says Greg Aponte, head of business intelligence and data science at real estate platform Orchard. “It’s not completely cool — just cooler from what it once was.”

What does that mean if you’re eyeing a home purchase this winter or into 2022? Here’s what you can expect.

1. Slower home price appreciation

Home prices have increased at breakneck speeds over the last year. In April, Realtor.com data showed prices on active home listings up a whopping 17.2% compared to a year prior. In October, that bump declined considerably, falling to just 8.6%.