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Inventory remains tight, but rising interest rates continue to wreak havoc. Ok, that is a little dramatic, but things are a little weird. Prices are down month-over-month by 2%, but I think that is more ‘noise’ and prices are realistically more flat than declining. Remember, pricing is a tricky metric to measure, as there are huge variabilities in home sizes and locations. It’s a sellers’ market with only 1.6 months of inventory with 32% of the homes sold a median of 5% over asking, which is the primary reason I don’t think prices are declining. However, I AM seeing more price drops than I have seen in a while, so maybe prices are softening. But, at the same time, buyers are buying homes faster than they are listing, so inventory is depleting, and pricing is largely based on supply/demand. Time will tell.
