Well, prices backed off a bit after last month’s whipsaw, but the smaller move suggests some stabilization.
It continues to be a bit of a standoff, with extremely low demand (first graph) meeting extremely low supply (second).
However, the sellers seem to be gaining ground as months of inventory has declined back to the bottom of its post-GFC/pre-Covid range:
This level of inventory suggests that prices could strengthen immediately ahead…
…despite the fact that affordability is absolutely abysmal:
More charts below, and for some thoughts on the longer-term outlook, please see the recent valuation update.