A sharp change in the housing market
Abstract
1) PRICE GROWTH IS SLOWING Price stats aren't as sexy as they used to be. In a normal year we should see prices soften for the next few months and then flatten out for the rest of the year. 2) BUYERS ARE FINALLY PAYING BELOW THE LIST PRICE For seventeen months in a row buyers paid at or above the list price on average. 4) A SHARP INCREASE IN LISTINGS 5) LOTS OF PROPERTIES STILL SELL ABOVE THE LIST PRICE: It's easy to say everything is selling below the list price, but that's fiction. In truth, almost 53% of sales last month sold above the list price, so it's safe to say about half the market went above the original list price. OKAY, ONE MORE: May to June median price change: This last visual shows median price change from May to June from 2004 onward. We need a few more months to understand price trends more definitively.
