One of the interesting aspects of the residential real estate market at the moment is the way weakness in prices is not being matched by a blowout in the average number of days taken to sell a dwelling. With regard to prices things have shifted from monthly gains averaging 0.9% from July to November last year to falls averaging 0.4% a month since December.
This change is being driven by a range of new pressures being applied to buyers including a loss of job security, extra cost of living charges for insurance (and rates for those already owning property), and new deep cashflow pressures affecting businesses.