The real estate statistics for August are in. There were 29 detached housing sales, down 15% from July and 57% from last August. The YTD total is also down 33% from last year. The Benchmark Price – that is, the price of an average home, in an average area – dipped 4% to $957,200, the third decrease in 3 months. These statistics confirm downward pressure on prices. With condos and apartments, there were 7 sales, similar to July. However, the Benchmark Price for both categories dropped significantly – 7.7% for apartments and 3.1% for townhomes. These declines in prices are the first to affect the attached market in many months. As for vacant land, there was only 1 sale in August. At the same time, the 89 sales YTD is down 42% from 168 last year. The Benchmark Price for land is not available but we do not anticipate land prices remaining unaffected by this lack of sales activity. Meanwhile, the Sales to List Ratio is now in the low teens. Is a buyers’ market pending?