The average sales price per square foot for closed listings dropped sharply between June and July, as shown in the daily chart below:

At $286 we are back down to the level we last saw in early March.

That is a 5% drop in July, much larger and faster than we were expecting. The average price dropped even more, from $592,275 to $546,888, a fall of about 8%.

Unfortunately this means those who purchased in May or June 2022 with very small down-payments could now be experiencing negative equity.

Market incites provided by the Cromford report.