7 active listings included multiple price reductions while no closings were reported.
4 of these listings have been on the market for 20+ days on a median basis.
Another interesting comparison was that the median listing price during the summer months- 5/1/22-8/1/22 was 405k versus 359k in today's update.
We continue to see a price correction that appears to be healthy and reflective of the market, supply/demand and the Fed's recent rate hikes. As mentioned in yesterday's blog, tomorrow begins a big week in terms of U.S. economic data- as Producer Price Index kicks these reports off.
Any predictions?
As always, click my social media widgets on the homepage for the daily breakdown of our market.
Talk soon.
Eddie.
