In my area of Ukiah, CA. which is in Mendocino County, CA. (Northern California) we are finding that buyer activity has slowed. What does it mean? That is the question that was being discussed today at a meeting of the local realtor chapter. I have given some thought to this and perhaps it's nothing more than summer slow down. Last summer home sales also slowed during this same time frame and then picked back up in the fall after the kids were back in school.
The other thought that I have is that home values have risen so much over the last two years that it is no longer a steal to buy a home. Investors had led the markets and now that values have increased it's just not as attractive. The other thought I have is that two years ago it was cheaper to purchase a home than pay rent. I dont think you can say that now. A lot of buyers that wanted to purchase, no longer can as they have been priced out of the market.
What does this mean moving forward? No idea! I do know that we have survived other real estate cycles and I suspect this market will eventually get back to normal and that is a good thing! Be patient Ukiah/Mendocino realtors this too will pass!