Graphically this looks like a huge dip, but it's a 6% change over last year. One thing interesting to note when seeing these types of change - closed sales for a particular monthprobably went pending (based on average days on market) sometime in August or September, but closed in October or November. Fewer buyers are in the market during those months, so the longer a property stays on market, the more likely a price reduction is at play.
aSupply is down 20%, and demand only down by 2%. Let's hope those ratios play out favorable when looking at potential closings in December and January.
This chart follows a fairly predictable curve. Less time on market during early spring and summer, when buyers are out in force, and longer market time during fall and winter months.
Again, not an unexpected pattern. Fewer properties go on the market in Fall and Winter, so inventory naturally adjusts down.