My Take
Median sold prices declined $50,000 in October to an even $1,700,000. The median price reduction was $180,000 or 9.6%. Year to date, the sold median is well into record territory at $1,900,000.
Quite notably – with 42 closings and 242 active listings – the supply of homes plunged to just 5.7 months. That is down from 17 months in December and is the lowest supply since October 2017. Under $2,000,000 the supply is just 3 months. Over $2,000,000 it is 15 months. With these supply numbers do not count on a downturn any time soon. (See Market Segment Analysis on Page 4 for more detailed sector breakdowns.)