The median price per square foot was quite weak last month, but (like I said last month when prices made a big move in the other direction) it is a noisy series.
The decline in rates brought some relief on the monthly payment front as well, but the picture there is still pretty ugly.
Meanwhile months of inventory actually exceeded the pre-Covid average (by more than a smidge this time):
As usual, both inventory and sales are still well below 2015-19 levels. But inventory has risen a lot, against flatlining sales volume, so that the combined months-of-inventory measure has risen substantially.
This chart of prices vs. months’ inventory suggests weak prices ahead.
More charts below…