Single-family price trend indicators pressed higher despite declining sales, falling average sales size and rising listing inventory. The median sales price of single families increased by 7.5% to $937,000 the third highest on record yet the average sales size dropped 15.9% to 2,930 sqft over the same period.

Single-family sales fell by 10% to 500 for the first annual decline in three quarters as listing inventory increased by 22.3% to 730 for the fourth consecutive gain. With listing inventory growing faster than sales, the pace of the single family market slowed. As a result months of supply, the time it would take to sell all listing inventory at the current sales rate, was 4.4 months, 37.5% slower than the same period last year.

The luxury condo market, representing the top 10% of all condo sales beginning at $1,099,000 this quarter, experienced across-the-board price increases. The median sales price of luxury condo sales was $1,650,000, rose by 15.4% year-over-year, and was up 144% over the past five years. Listing inventory for the luxury condo market edged 6.2% higher year over year to 223, for the ninth consecutive increase.