The reduction in the number of listings is a typical seasonal reduction. It happens almost every year. The uptick in closed sales is what’s out of the oridinary. It could be an early sign of a turn around, but it can also be indicative of a bounce. Prices don’t increase on a steady basis and they also don’t decrease on a steady basis. It moves in spurts.
When the volume of sales increases or stabilizes at a unexpectedly higher rate but the average prices decrease by $26,000 some people might interpret that as being the turning point for a new upcycle. Other people might interpret it as one of several plateaus that a downcycle will move through before its over. Having seen it do just exactly that in the past, I’m inclined to go with the latter for now. Especially as I can see no reason for it being for former.
