Prices continued to drop in April in many markets. The main reason we are seeing a drop in prices IMO and based on the clients that I have worked with, is that most of the investors and buyers are holding back on their purchases till prices drop further as the interest rate continues to increase.
In the past all types of homes were being purchased no matter the condition, since you could still sell and come out profitable.
I have found that after the interest rate increases only homes that are in good condition & location and have been marketed well are getting multiple offers.
Homes that have been listed as is and by a discount agent sit on the market and sell for less bringing the average sale price down. If you are thinking of selling in the current market, make sure you do your due diligence and pick your Realtor wisely.