The Narrative Is That Prices Are Down And Inventory Is Up
A report from the Denver Post in Colorado. "Autumn’s chill has come early again to metro Denver’s housing market, with the pace of sales in September down sharply from August and median prices gliding gently lower. Jill Schafer, chair of the DMAR Market Trends Committee said the market last month was the most competitive that sellers have seen in a September since 2013. 'There have been changes, but we have not shifted to a buyer’s market. Let me repeat that. We have not shifted to a buyer’s market,' Schafer said in an opinion included with the report."
"What are some of the changes? Home are taking longer to sell, price reductions have become more common, and sellers are having to make more concessions."
The New York Post. " The median sale price of a Manhattan home dipped below $1 million during the past three months, according to a market analysis. Appraiser Jonathan Miller, who prepared a quarterly market analysis for Douglas Elliman Real Estate, said his data showed the median sales price for a Manhattan townhouse fell a staggering 45.8%, to $3.5 million."
"In addition, just 36 deals closed, down 33.3% from last year’s third quarter, Miller said. 'The narrative is that prices are down and inventory is up,' he said."
"Leading broker Dolly Lenz said: 'Everyone who planned on buying already bought. But people who are freaking out about the mansion tax should calm down. It will be baked into costs in a few months,' she added."
The Midland Reporter Telegram in Texas. "The number of homes on the market inside Midland County at the end of August rose to 618, according to the Texas A&M Real Estate Center. Kerry Payne, associated broker with Victoria Printz Realtors, said there is double the inventory inside the city of Midland and the Greenwood area compared to the beginning of the year."
"There have been nearly 300 extra homes listed year over year from January through September -- 2,956 this year compared to 2,665 last year, she said. More homes translates to a decrease in price, fewer multiple offer situations and a longer number of days that a home stays on the market, Payne said."
From KGW 8 on Oregon. "The U.S. housing market rebounded in August with a surge in existing home sales and building permits to add new inventory. Too bad the acceleration stopped just short of America's wealthiest neighborhoods. That includes Oregon's uppermost-crust locale, which appears in the state-by-state slideshow here ."
"The August resurgence largely bypassed the market's upper ranks — some 409 neighborhoods where median home values range above $1 million. In those locations, two out of every three neighborhoods absorbed a value decline from the year-ago period, and among the nation's 100 most expensive markets, 72 saw value declines over the same span, according to Zillow."
"Zillow housing economist Matthew Speakman called the high-end hiatus a 'temporary pause' brought on by a 'self-reinforcing cycle' of buyers outbidding one another and driving up prices in exclusive neighborhoods. He said such trends eventually lose momentum as the pool of wealthy buyers who are desperate enough to engage in such tactics dwindles."