Market activity
In the city of Walnut, California where I live, there are currently 127 houses on the market in this small city of about 35,000 people. In the last seven days, eleven houses came on the market while seven house went into pending sales.
In the last couple of years, more houses were being sold than houses coming on the market. That condition caused a major shortage of houses for sale, thus driving the prices of homes up at a record rate.
The market condition now is showing more inventory than buyers. The city of Walnut is just an example of what is happening in most of the surrounding areas. This is not a bad thing. Buyers are still buying. But they are taking longer to make their decision, and are more careful with what they are willing to pay.