This is traditionally the time of year when new listings drop until after the Labor Day holiday.
However, the number of price reductions is several times what it was a year ago. During the past two weeks there were 28 price reductions of single family homes compared to 9 for the same period last year. For condos, the numbers 42 vs 12.
The vast majority of these price reductions were for properties originally priced at over $1million.