Assuming this end of the cycle follows the same patterns as the last two, we can expect most of the movement in prices to come in bursts, followed by longer periods of relative stability. It worked that way when the markets were increasing, too. I find nothing strange about a reduction in listings and sales volume at the end of a summer selling season that started late and ended early. Frankly, I would have been surprised if the summer selling season had lasted longer this year.
I’d anticipate a relatively stable market during the Fall, followed by some more big pricing declines after the n
New Year. I see no signs of a reversal of this trend nor reason to think any of the fundamentals are going to do anything but get weaker. However, I do think different sellers will come to their senses at different times. Lucky for us.