The softening trend that we've been seeing over the last several months is continuing. All market segments are showing reduced numbers of sales with single family houses showing the greatest slow down by a significant margin. In most years, August is a slow month as people vacation so many eyes will be watching what happens in September!
Prices are generally holding steady. But, when compared to last August, single family house prices are down 1%. Keep in mind that prices are still WAY up compared to August of 2006. But, this could be the beginning of a trend.
Inventory levels are still much higher than the same period last year but are not increasing at the same rate as they were earlier in the year.
Depending on where you are in the market, there are some opportunities emerging. If you are entering the market you have greater choice and can most likely drive a harder bargain. A weaker market is also the right time to consider moving up. Want more details? Just call me anytime.
At the end of September I will be publishing my next quarterly market analysis. If you would like a copy of this report for yourself just subscribe here on my website.
