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The Sussex market slowed considerably in the second quarter, with sales down even while pricing was more positive. Transactions were down sharply, falling 13% for the quarter and now down over 8% for the rolling year. But the drop in sales clearly did not indicate a lack of demand, with median pricing up over 5% for the quarter and almost 4% for the year. More importantly, inventory has finally come down to manageable levels, even though it’s still not at the 6‑month level that denotes a sellers’ market. Going forward, we believe that the seller market fundamentals are strong: a growing economy, prices well below historic highs, low interest rates, and low levels of inventory. So we expect to see continued appreciation and maybe even some sales growth in a robust summer and fall market
