Across the county and across the state, most agents are reporting that momentum is down, but that may not necessarily be a bad thing. Whether the primary cause is seasonal, driven by higher rates, or something other, we all know that markets do not move in a straight line and the level of activity and interest we saw over the Spring was not something any of us expected to continue unabated.
That said, I agree with Audrey's comment below. This is NOT a good time to wait if you are a buyer or seller. Rates remain very good. Yes, 1% or so off of lows, but historically still approximately 4% below 40-year averages. Second, Dodd-Frank is threatening to restrict lending in a serious way come January, 2014. Buyers who are eligible now may not be in 4 months. Sellers should take this into consideration too.
We were very fortunate to have a great August, and I am very optimistic about the Fall as well. But we need to recognize the dynamics at play and the threats present as we head into next year.