House sales and Condo sales have both illustrated a slow down since as little as even 2 months ago this year. Properties are on the market for a longer period of time, this metric referred to as the Months of Inventory (MOI) increased from 2.7 from 1.3 in May.
Seasonality does play a factor here, as we do typically see a slow down from May to July, as Buyers tend to slow down their search over the summer months. However, it is interesting to note, we do not generally witness this much of a slow down in years prior. And the MOI has seen a more drastic decline than we usually see with a more gradual decline if the market is cooling down.
IMHO, there is opportunity here for Buyers. Generally, most Buyers tend to use the summer months to pause their searches and resume at some point in the Fall. However, I believe with the pool of motivated Sellers currently; there are deals to be had and opportunity to be taken.