What we are seeing in the numbers is a market that is behaving very differently depending on where you zoom in.

• Showings per property per week are lower than last year, which means listings are not exactly hosting open houses that feel like music festivals anymore.
• Shows to contract are higher than last year, so buyers are taking their time, looking around, maybe grabbing a snack, and then eventually deciding.
• Median days in MLS are higher than last year, which means patience is no longer optional, it is part of the listing agreement whether anyone says it out loud or not.

Single family continues to give us at least a little predictability, which feels like a luxury at this point. The attached market, on the other hand, is still figuring itself out in real time. If single family is a steady drum beat, condos and townhomes are more like jazz; interesting, unpredictable, and not everyone is sure when to clap.

We also spent time on expectations, because setting those upfront is the difference between being a trusted advisor and being the person who gets a surprised phone call three weeks into a listing.

Price erosion is real. It shows up through days on market, through price reductions, and very clearly through negotiations. Concessions are no longer a rare occurrence, they are the norm. And to be clear, these are not about new roofs or HVAC systems. These are about rate buy downs and closing costs. Buyers want payment relief and sellers are often the ones helping make that happen.