According to an article in today’s New York Times:
ZipRealty, the discount real estate broker, has found widespread price reductions in the multiple listing services used by all agents to advertise homes. Prices have been trimmed on 35.7 percent of all homes currently listed for sale in the Boston area …
Some markets are going cold, some still show steam.
Thus far, prices have not fallen in any of the 375 largest American cities tracked by the PMI Group. But many are showing a sharp deceleration in price increases, among them Las Vegas, San Diego, Elmira, N.Y., and Lebanon, Pa.
Read that again. Prices have not fallen for any of the 375 largest cities. However, prices are rising at a slower rate. (I believe PMI is using average price data; I think median price, at least nationwide, has dropped a bit.)
Of course, the big issue, at least for sellers, is INVENTORY. It’s through the roof.
Make a deal, today.
Complete story: A Chill Is in the Air for Sellers – By Damon Darlin and Vikas Bajaj – The New York Times