This is a monthly survey of VA Realtors where they respond on the levels of buyer and seller activity. It's on a scale of 100 so 50 is the number where if it's higher than 50 it's closer to High / Very High and vice versa.
First off, the headline states that buyer activity is at the lowest level yet but then in the article it states they only began tracking this data in July of 2021. I'm shaking my head right now. Come on, headline writers, you're better than this!
While buyer activity did decline significantly it's still at 56 which is not exactly dire. I would expect this number to tick up as buyer's accept higher rates after taking a pause and realize that they have more power in this market and rates are still at historic lows.
They also show the market outlook which is what they expect for the next three months (the second line graph in the article). Realtors believe buyer activity will continue to decline as seller activity rises. This is the correction I've been talking about where it is going to shift more towards a buyer's market. I'm not quite so dire in my outlook on what level they settle at but even a rating of 42 is nothing awful. One thing I noted was that if they're correct, buyer and seller activity will be equal. Do you know what that's called? A healthy freaking market! I think a more formal phrasing would be a market in equilibrium.