What about prices?

Inventory has been a problem for a while now and this news isn’t getting any better. New listings are down 25%. But, on the flip side, so are the showings per listing. In fact, the entire market (buyers & sellers) has reduced by 25%, so this has all balanced out. And, this is a good thing. It’s because of this balance we have only seen a 9.1% reduction in average sales price since the spring peak. Keep in mind, however, that while they appear to have peaked, prices are still up by 15-20% from November, 2021. If you are a seller, you can still expect to receive offers in that range of pricing, which at that point was the highest in history. Seller’s now are just passed the crest of a bell curve.