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The shocking year-over-year number has arrived: prices are down 21%. Not to sound like a broken record, but remember the drop occurred between the April 2022 peak ($1.7M) to August 2022 ($1.35M). Since August, prices have flattened, dipped a bit in the 4th quarter, and then up 2% for 2 consecutive months in 2023. Additionally, 17% of the homes sold a median of 4% over asking, which is more than double January where 8% sold a median of 3% over asking. Curious about what February 2022 stats were? Me too, a jaw-dropping 87% of the homes sold a median of 23% (!) over asking. Those were crazy, crazy days! With 1.1 months of inventory, we are solidly in a Seller’s Market. What’s that you say? Bank failures? Buyer activity this past week didn’t appear impacted. Time will tell.
