Sales are off 17% year over year, prices are down about 17-18% from their May/June peaks. That’s what the latest data is showing. So the market has definitely turned, even if sellers haven’t gotten the memo yet. (The average and median asking prices have barely moved in months. There is some good news, though. It looks like prices may be hitting a more stable plateau over the next few months. Buyers I’ve been out with in the last month or so seem much more intent on finding a place to enjoy, rather than just park their money. They also seem more focused on finding fair value rather than bargain hunting.
I’m sure this month’s report will generate a LOT of comments. Check out the Current Market Conditions Report and then come on back here and share your thoughts about what’s happening.