Competition is one reason. More inventory and churn in the market. Another reason is rate cuts have usually been due to broader slowdowns in the economy preventing demand from firing up again quickly. Sellers continue to accumulate faster than buyers for a little while.

I think what we are learning right now is that its going to vary widely based on where you are and the local issues surrounding housing.

The insurance issues facing Florida will result in different outcomes than the lack of new construction in Ohio for example. We are even seeing entirely different outcomes just based on price range. Friend of mine is selling homes in Eden and Huntsville UT having a great summer selling $2-5 million homes. Meanwhile hes having listings in SLC and Ogden sit for weeks or accepting discounted offers. Its weird out there but I think we will continue to see some steady relief from the "Everything with 4 walls and a roof to the moon!" madness of 2021.