Nationally, in June, there was a huge slow down in home price growth, we also saw a huge jump in inventory. Having said that, keep in mind that inventory levels are still 54% below 2017-2019 levels. Inflation appears to be slowing, overall good news if it continues, but this is definitely a much different economic environment than we have ever experienced. Covid upended traditional spending patterns and forecasting what will happen to the economy , and home sales, is much more nuanced due to consumer confidence, inflation and added external factors such as the war in Ukraine.
Locally we are seeing increased inventory levels and more price reductions, however, as the chart below shows, home prices are still quite healthy. While buyers still don't have the upper hand, they do have much more bargaining power, especially if they are the only offer on the table.
