At 1.2 months of inventory, we are still in a strong Sellers’ Market. Last month, new listings were down a smidge and pending were up slightly, so inventory dipped a bit, around 2%. But median pricing also dipped about 1%--down 5% since May—which isn’t what you would expect with depleting inventory, but it IS what you expect this time of the year. Additionally, 43% of the homes sold a median of 5% over asking, which is down from 50% the month before, so the market is cooling. That said, the market is robust with 87% of the homes selling in 30 days. The key, as per usual, is pricing. Using Spring comps for pricing is tricky, as prices have come down. You need to be dialed-in and price conservatively otherwise you will be part of the 20% that sells for a median of 3% under list price with an average market time of 21 days, or worst yet, the 18% that require a price drop and have an average market time of 57 days. I was expecting more inventory than we have now. I think buyers, and brokers, are waiting until after Labor Day. As always, time will tell.