I personally know of houses that sold a few months ago for hundreds of thousands of dollars more than they would bring today. Prices jumped by hundreds of thousands in just a few months. And there was very little inventory, houses were selling as fast as they came on the market. It was common to have multiple bidders with several of them paying case. A bidding war pushed sale prices up and up some more.

In the last couple of months that has all changed. Like it or not, the market has cooled. Prices have dropped significantly.