“Chill out, man. I told you it was an accident. You probably went over a bump or something.” -Vincent Vega, Pulp Fiction
Speaking of bumps, it seems we have reached the end of the summer price bump.
We’ve called this effect the “Catfish Recovery.” Home prices nationally responded well to spring-time demand and ultra-low interest rates. Now as the summer ends, housing demand shifts and prices will decline to bump along the bottom of the pond again.
This month, seven of the markets reported declining prices. Compared to only one market reporting declining prices last month, that‟s a noteworthy difference.