New statistics has been released, and we can see that the sales during October 2016 are significantly lower than the sales in October 2015. Last year, a number of sales transactions hit a whopping $3.52 billion while this year, it is $2.04 billion, resulting in a 42.1% drop. This is significant considering the rapid increase we have been seeing last year.
What we do need to keep in mind, though, is that the benchmark price for a home is still up 53% compared to just three years ago. We do not believe that the market is crashing, it is just adjusting after the spike of 2015.
Read more about this here.