The average and median sales prices last month were similar to what they were in December, even though the same percentage of buyers paid over the list price.

It might make you think that this market is retreating quickly!

But look at the difference of the number of lower-end sales, and square footages:

The size of the houses weren’t that different, so what’s up?

Buyers aren’t bidding up the prices like they were before. Here’s an example of those right under the median sales price last month:

Instead of overbidding by hundreds of thousands of dollars, buyers in July mostly stayed in their shoes and only offered a little over the list price. Expect that trend to continue!