Buyers should work with a qualified real estate agent to help them make sense of the market. The scenario you've just described could be the result of seller's chasing the market down in a declining marketplace. Often, recently, sellers did not want to make bold price reductions to match the reality of the market. As a result, they would often reduce the price of their property by only small amounts. But, every time they made a small reduction, it was too little, too late. So, they chased the market down again. Regarding the changing status in the MLS, agents are required to change status on their lisings within defined limits. If status is stated incorrectly after, for instance, a 3 day window, the agent can be fined for a violation of MLS rules. I am not suggesting that incorrect information is not sometimes reflected, but overall, the rules are in existence to keep all agents working on a level playing field. Given the recent lending debacle, it is apparent to anyone in the business that properties change from active status to pending status and often back to active again. This is often because the lending guidelines change and a buyer who presents a pre-approved letter from a lender is later deemed unqualified by that lender. Many other issues cause a deal to fall apart and result in the change from Pending back to active. Also, many agents will as a matter of course, change a listing from active to backup offer. They think that will bring more potential buyers to the table while the property is pending. However, most agents will not show backup offer properties because they don't want their clients to fall in love with a property that may not become available again. Finally, one way to filter the sale prices shown is to check with the title company. Your realtor can do that for you. This is an interesting cycle in the market now and it requires both caution and diligence. Be certain that your agent has your best interest at heart, and you should get all the details you need to make intelligent decisions from your agent.