After reporting a glimmer of an improving market in our last couple blog posts, today’s closer look at the Carmel market reveals a disturbing trend. Over the last 30 days where we expected to see 12-15 sales we see only 6, and at the same time inventory has rocketed to 199 single family homes compared to 150 this time last year. If we look back 90 days we see a bit steadier picture with 28 homes selling versus 26 a year ago. However, increasing inventory plus a reduced number of sales, at least for the last 30 days, equals downward pressure on prices. One 30 day period of slow sales isn’t enough to declare the recovery stalled just yet, especially since pendings in the last 30 days is at a healthy 14, but the higher inventory numbers are troublesome. We will continue to monitor these numbers for signs of improvement.