This week we see a dramatic drop in new listings, down -19.6%, new escrows, down -13.4%, and closed transactions, down 39.8%. While the number of homes available for sale remained stable, that was primarily due to less buyer activity, as noted in the decline in new escrows last week.
Average selling prices were down slightly -8.1% to $582,573.
With inventory still 65% below what would be normal for this time of year, we are still seeing good homes that are priced right selling quickly and for top dollar.
But we are not seeing the rapid rise in pricing that characterized the first six months of the year.
NOTE: The video version of The Monday Minute will return on September 27.