Doubtful. So far, all signs indicate that the heat in this real estate market will continue through fall and into winter.

When people say “prices are falling” technically, it’s true. But like many things in life, it’s all relative. Prices are falling relative to the peak of the summer market. In other words, prices are returning to Earth after unsustainable growth.

While the tide will surely turn eventually, we aren’t likely to see sale prices < 100% of asking (on average) until something major changes. Most likely, a significant rise in interest rates. Until then, motivated buyers will need to move quickly. Sellers need to price appropriately, and we’ll all be really busy.

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