Summary
Inventory and buyer options continue to grow—up 9% in the past month. New pendings remain strong but are leveling as sales and values show signs of normalizing into more traditional seasonal patterns. The market has been on an intense run with extreme demand and sales since June of 2020. That demand is cooling off as 71,000 of our local buyers who had been competing for a home during the past 14 months have succeeded in getting to the closing table. As buyer competition and multiple offers tail off, expect to see prices correct. In the past month, average sale price and price per square foot both declined—down 2% and 1%.
