Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels. This activity is helping home prices edge down across all property types from the record highs we have experienced over the last year.
Home prices have declined between 4% to 7% over the last six months depending on property type. We will watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market.