July sales continued along the same trend that we’ve seen the last few months. It seems that many buyers have decided to let the summer pass before they make a move as they want the interest rate changes to come into full focus.

On the street what I’m seeing is that the actual month-to-month price declines are decreasing or have even stopped in some areas and housing types. It seems that the overall market is settling down and staying at the price levels that we saw in the summer of last year, 2021.

We seem to be through the majority of the correction, however, you can expect the news headlines to get worse over the next few months. Why would they get worse if we are through the thick of it? Well, if you look at the graphs below, you’ll see that we had price acceleration starting in September of 2021. So even if our prices stay stable over the next few months, the headlines will be able to highlight a year-over-year decline that increases each month since last year’s numbers continue to go up all the way to February (which was the peak).

Keep following the way we present the statistics and you’ll stay informed and ahead of the general public. I expect there to be some great opportunities in the months ahead as prices stabilize right as the large headlines are peak negative. For those that are in the know, like you, there will be a chance to make a move and benefit greatly.

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