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The market indicators report is out for our local region and as usual in this unusual market it's a bit of a mixed bag... On the down side for sellers sales and pending sales were both down year over year from last September. New listings for the month were also down (but down less than sales activity). The good news for sellers is that home prices continue to increase and months supply of inventory remains exceptionally low. Markets never move in a linear fashion, there are steps back and forward, and the thing that I would be most concerned about are declining sales. If they continue to decline that months supply of inventory (despite few homes on the market) will start to creep up. And... To show that I'm not the only one thinking this read the article linked below about the state of the overall Virginia market....
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