Listing inventory continues to rise. The extreme demand and buyer competition seen in the spring, while still seasonally strong, has been normalizing. Showing activity in the past month has been up 5% compared to last year and 26% compared to 2019. In the upper-end markets, showings are up 25% compared to last year and nearly double 2019.
For most markets, sales activity and prices peaked in June. As the bidding wars that drove up prices faded, values have been settling. Expect sales and prices to temporarily decline through the balance of the year. They will pick back up as fresh inventory becomes available.