July 2023 is looking kind of rough for the PPAR region. Number of sales is down 44.58% halfway through the month. Our closed to original price ratio – the measure of the average price at which homes are closing against the original list prices – is down 7.51%. We are down 10.35% from the peak pricing in May of last year.

Here’s the three year median and average pricing. As you can see, the drop in pricing over the last two weeks is the quickest drop in the last three years.

Have we hit a wall?