The June news release from the REBGV has been released and it looks like the market has turned a corner.
As all of you regular readers here know, sales have plunged to a 10 year low.
The HPI benchmark price has also dropped from the previous month in some areas. Oddly enough it’s houses in the desirable west side and Richmond which have both dropped about 2% from May.
Best Place on Meth summarizes the total changes for all areas:
Summary of June HPI:
I was expecting no change for June and declines to start next month so this is a bit of a bonus.
Yes the hot summer market has turned out to be anything but. As prices drop a few percentage points from their all time highs some are calling this a ‘buyers market‘.
Meanwhile at least one local realtor has sold his own house and says it’s time to cash out.