While 35 percent fewer condos and single-family homes have been newly listed for sale over the past week and month than over the same periods of time last year, the net number of single-family homes and condos on the market (i.e., inventory) is still 2 percent higher, year-over-year; 25 percent higher than prior to the pandemic; and 45 percent higher than average over the past decade, with over 25 percent more single-family homes on the market than at the same time last year as well, driven by an even greater slowdown in the pace of sales.
And with the drop in new listing activity having been driven by sellers that are either unable or unwilling to accept a drop in the values that buyers are either able or willing to pay, with the average asking price per square foot of the homes which are in contract having already dropped 10 percent and still trending down, the game of is squarely afoot.