Has Mexico turned into a buyer's market?

Why are people calling Mexico a buyer’s market now?

Mexico's property market is starting to favor buyers in some areas because more homes are available, mortgage lending has weakened, and sellers in several tourist destinations are taking much longer to find buyers.

BBVA Research's housing report published in October 2026 found that Mexico's registered new-housing inventory increased from approximately 200,000 units in 2024 to 269,000 in 2025, a 34.6% rise. New housing project registrations jumped 67.1% over the same year, while commercial banks issued 5.2% fewer mortgages.

The latest figures show little improvement in financing. During the first half of 2026, the number of mortgages issued across the market increased only 0.3%, while the total amount financed fell 0.1% after inflation.

The slowdown is much more obvious in certain coastal markets. Tulum has experienced a sharp fall in apartment sales, while properties in Los Cabos and Puerto Vallarta are taking months to sell. Buyers in those destinations can now compare far more properties and negotiate with sellers who have been waiting a long time.

But Mexico's largest residential markets are behaving differently. House prices are still rising in Guadalajara, Monterrey, and Mexico City. The question is how far the weakness in vacation properties has spread into ordinary housing.

Mexican housing indicator	Earlier period	Latest period	Change
Registered housing inventory	~200,000 units, 2024	~269,000 units, 2025	+34.6%
New housing project registrations	2024 baseline	2025	+67.1%
Commercial-bank mortgage count	2024 baseline	2025	-5.2%
All mortgage originations	First half of 2025	First half of 2026	+0.3%
Total mortgage financing	First half of 2025	First half of 2026	-0.1% in real terms

Source: BBVA Research, Situación Inmobiliaria México, first- and second-half 2026 reports.

Are home prices finally falling across Mexico?

Home prices across Mexico are still rising faster than inflation, so the idea of a nationwide property-price crash is premature.

Sociedad Hipotecaria Federal (SHF), Mexico's federal mortgage agency, reported that residential property prices increased 7.3% year over year in the second quarter of 2026. That was slower than the 8.7% growth recorded in the previous quarter, but still well above annual consumer inflation of approximately 3.4%.

After adjusting for inflation, the latest quarterly figure represents roughly 3.8% real annual appreciation. Mexican homes covered by the index are still becoming more expensive in purchasing-power terms.

This strength extends across property types. During the first half of 2026, new homes appreciated 8.3%, existing homes 7.5%, and standalone houses 8.4%. Apartments and condominium houses, measured together, gained 7.4%.

The national slowdown is real, though. SHF reported 8.7% annual growth in the second quarter of 2025, meaning the latest reading is 1.4 percentage points lower. Prices are still rising, just less quickly.

There is one important limitation. SHF tracks homes purchased through mortgage financing, which leaves out cash transactions. That matters enormously in resort destinations, where many foreign buyers purchase properties without Mexican mortgages.

We can confidently rule out a broad national price collapse in mortgage-financed homes. The cash-heavy condo markets in Tulum, Puerto Vallarta, and Los Cabos require separate evidence.

How can Mexico have too many condos and still need millions of homes?

Mexico has a serious shortage of adequate housing for ordinary households, even while developers in some tourist destinations struggle to sell expensive apartments.

SEDATU and CONAVI's 2025 update counted 8,330,372 households, about 21% of the total, living in inadequate housing. That covers overcrowding, poor construction materials, and a lack of basic sanitation.

That figure measures inadequate housing, rather than 8.33 million missing properties that all need to be built from scratch. Many existing homes could be improved instead.

The affordability problem is even more revealing. SHF estimated that 27.5% of Mexican households did not own their homes in 2024. Among those households, 83.3% could not afford a property costing MXN 660,106 or more.

Now compare that with the kind of housing being developed in coastal investment markets. Many new projects target buyers who can afford vacation condos costing several million pesos, often based on expectations of Airbnb income and future resale gains.

A developer can therefore have hundreds of unsold apartments while local families struggle to find affordable housing nearby. The two markets serve different buyers.

This also explains why rising national housing inventory doesn't automatically mean Mexico has built too many homes. Much of the recent increase came from social-housing projects, according to BBVA Research. Whether that supply improves affordability depends on where those homes are built and what households can actually pay.

Are mortgages stopping Mexicans from buying homes?

Expensive mortgages are keeping many Mexican households out of the housing market, and lower central-bank interest rates haven't brought much relief yet.

Banco de México reduced its policy rate during 2025 and 2026, reaching 6.50% by mid-2026. But SHF reported that the average mortgage rate was still 11.42% in the second quarter of 2026, barely below the 11.55% recorded at the end of 2025. Banxico's average quoted fixed rate was still 11.31% in August 2026, although the loans banks actually granted averaged 9.99% in June, according to the ABM.

Meanwhile, house prices have been pulling away from household incomes for years. BBVA Research's October 2026 report found that residential prices had risen four times as much as incomes between 2016 and 2025. The purchasing-power gap widened by 83.6 index points over that period.

The monthly payments explain why this is such a problem.

Using the current average mortgage rate, a 20-year loan, and a 20% down payment, we calculated that financing a MXN 1.3 million home would cost roughly MXN 11,030 per month before insurance and other expenses.

INEGI's 2024 household-income survey put average monthly household income at approximately MXN 25,955. That mortgage payment alone would consume about 42% of the national average.

A MXN 2.5 million property would require around MXN 21,218 per month, which is beyond the reach of most households earning anywhere near that average.

These comparisons don't mean every mortgage borrower has average income. Approved borrowers generally earn more. But they show why even modest homes remain difficult to finance.

Property price	20% down payment	Monthly mortgage payment	Share of average household income
MXN 1.30M	MXN 260,000	MXN 11,030	42%
MXN 1.96M	MXN 392,000	MXN 16,636	64%
MXN 2.50M	MXN 500,000	MXN 21,218	82%
MXN 3.00M	MXN 600,000	MXN 25,462	98%

Payments are illustrative, assuming a fixed 11.42% annual interest rate over 20 years. They exclude insurance, property taxes, maintenance, and closing costs.

Which Mexican cities are actually getting easier for buyers?

Mexico's biggest cities are cooling at very different speeds, with the Valley of Mexico and Querétaro showing much weaker price growth than Guadalajara or Tijuana.

We compared SHF's metropolitan housing-price indexes for the first halves of 2025 and 2026.

Six of the eight metropolitan areas reported in both periods experienced slower appreciation. León had the largest decline in growth, falling from 10.7% to 7.9%. Querétaro slowed from 7.1% to 5.6%, and Tijuana from 10.9% to 9.7%.

The Valley of Mexico, which includes Mexico City and surrounding municipalities, recorded the weakest appreciation among the eight, at 4.6%.

Guadalajara went in the opposite direction. Its price growth accelerated from 10.5% to 11.1%, while Toluca also recorded a small increase.

Across these eight areas, the simple average growth rate declined from approximately 8.4% to 7.6%. That's a meaningful loss of momentum, although all eight still recorded rising prices.

Most major cities are cooling, but none of these eight recorded falling prices. And these indexes don't measure how much buyers negotiate off asking prices.

Metropolitan area	H1 2025 price growth	H1 2026 price growth	Change
Guadalajara	+10.5%	+11.1%	+0.6 pp
Tijuana	+10.9%	+9.7%	-1.2 pp
Puebla-Tlaxcala	+8.9%	+8.5%	-0.4 pp
Monterrey	+9.3%	+8.3%	-1.0 pp
León	+10.7%	+7.9%	-2.8 pp
Querétaro	+7.1%	+5.6%	-1.5 pp
Toluca	+4.8%	+5.1%	+0.3 pp
Valley of Mexico	+5.2%	+4.6%	-0.6 pp

Source: SHF metropolitan housing-price indexes, comparing equivalent January-June periods.

Is Mexico City finally becoming a buyer’s market?

Mexico City is experiencing slower home-price growth, but buyers still face expensive properties and a rental market that remains under pressure.

The latest Inmuebles24 index put average advertised apartment prices in Mexico City at MXN 52,087 per square meter in June 2026.

That works out to around MXN 3.39 million for a 65-square-meter apartment. Asking prices increased 3.9% during the first six months of 2026, following a weaker period the previous year.

The differences between neighborhoods are enormous.

Inmuebles24 reported average asking prices of MXN 68,482 per square meter in Miguel Hidalgo and MXN 68,250 in Cuauhtémoc. At the other end, Iztapalapa averaged MXN 22,193 and Tláhuac MXN 22,113.

A square meter in Miguel Hidalgo therefore costs roughly three times as much as one in Iztapalapa. Treating those neighborhoods as one housing market hides more than it reveals.

Demand for rental housing also remains strong. Inmuebles24 reported average monthly rents of MXN 21,921 for a two-bedroom apartment, with rents approximately 64% above their October 2021 level.

Mexico City's slower price growth may make individual sellers more open to negotiation, especially on overpriced properties. But the available figures don't show a citywide shift in bargaining power. Buyers still need to evaluate specific neighborhoods and buildings.

Why are Guadalajara and Monterrey holding up better than Mexico City?

Guadalajara and Monterrey are still seeing strong housing-price growth, making them much harder to classify as buyer's markets than Mexico City.

In Guadalajara, SHF recorded 11.1% metropolitan price appreciation during the first half of 2026. Inmuebles24 also found that advertised apartment prices increased 4.1% during those six months, reaching MXN 60,246 per square meter.

Two different price measures are moving in the same direction, even though they track different groups of properties.

Monterrey is also expensive. Inmuebles24 reported an average asking price of MXN 82,062 per square meter, approximately 36% above Guadalajara's figure. A 65-square-meter apartment at that average would cost around MXN 5.33 million.

Rental figures tell a similar story. Average monthly rents for two-bedroom apartments were MXN 25,527 in Monterrey and MXN 18,675 in Guadalajara.

Monterrey's SHF price growth has slowed from the previous year, but the city still recorded 8.3% appreciation during the first half of 2026. Guadalajara's growth actually accelerated.

Of course, individual developments can still struggle, particularly when they compete with numerous similar apartments. But for the broader metropolitan markets, prices remain remarkably resilient.

Has Tulum's condo boom turned into a housing glut?

Tulum's investment-property market is now clearly oversupplied relative to its recent sales pace, following years of construction that ran far ahead of demand.

An InfoHabitat study reported by El Economista in July 2026 found that the number of housing units under construction increased from 1,466 in 2017 to 13,266 in 2023.

That's roughly nine times as many units in just six years.

Available housing inventory almost doubled between 2019 and 2023, reaching 6,340 properties. Then sales started falling sharply.

Annual residential sales dropped from 3,487 units in 2023 to 1,711 in 2025, a decline of approximately 51%. The average development went from selling 1.4 units per month in 2022 to just 0.9 in 2025.

This slowdown puts obvious pressure on developers holding unsold inventory. At fewer than one sale per month per project, developments with dozens of remaining apartments can take years to clear unless demand recovers or sellers change their terms.

Interestingly, the same research found that nominal selling prices increased 39% from 2021 to 2025, while construction costs rose 47%.

Developers have also responded by reducing apartment sizes to maintain selling prices per square meter. This makes advertised property prices particularly misleading: a newer unit can cost about the same as an older one while providing less living space.

Tulum buyers now have genuine leverage, particularly where unfinished or unsold developments compete with completed properties. The sales and inventory problem is unmistakable, even if transaction prices haven't collapsed across the board.

Tulum housing indicator	Earlier reading	Later reading	Change
Units under construction	1,466 in 2017	13,266 in 2023	About 9.0x
Inventory for sale	3,243 in 2019	6,340 in 2023	+95.5%
Annual residential sales	3,487 in 2023	1,711 in 2025	-50.9%
Monthly sales per development	1.4 in 2022	0.9 in 2025	-35.7%
Nominal selling prices	2021 baseline	2025	+39%

Source: InfoHabitat analysis using Softec and tourism data, reported by El Economista in July 2026. The indicators cover different periods.

Is Tulum's property slowdown spreading to Cancún and Playa del Carmen?

Tulum's tourism slowdown is part of a wider weakening across the Mexican Caribbean, but Cancún and Playa del Carmen haven't experienced the same documented level of housing oversupply.

Quintana Roo's official tourism information system reported that Tulum's average hotel occupancy fell from 72.67% to 63.69% during the first seven months of 2026 compared with the same period of 2025.

That's a decline of almost nine percentage points, following a previous full-year decline of 4.7 points between 2024 and 2025. The weakness has therefore persisted across more than one reporting period.

Playa del Carmen also saw occupancy fall, from 75.76% to 71.27%, while Cancún declined more moderately, from 76.77% to 74.44%.

However, the downturn isn't universal. Isla Mujeres improved from 68.57% to 72.57% during the same seven-month comparison.

This contrast suggests that demand is shifting unevenly across destinations rather than disappearing from the Mexican Caribbean.

The residential market looks stronger than Tulum's sales figures might suggest. SHF recorded 11.5% housing-price appreciation across Quintana Roo during the first half of 2026, while Solidaridad, the municipality associated with Playa del Carmen during the SHF reporting period, recorded 11.7%.

Hotel occupancy cannot tell us exactly what Airbnb owners earn or what individual apartments sell for. Still, prolonged tourism weakness is a serious problem for properties marketed mainly on short-term rental income.

For now, Tulum has the clearest evidence of a housing glut. We would need comparable sales and inventory figures before making the same claim about Cancún or Playa del Carmen.

Can buyers get better property deals in Puerto Vallarta now?

Yes. Puerto Vallarta buyers now have real negotiating power: sales are slipping, stock is piling up, and most homes sell below their asking price.

Vallarta Seaside Properties' Bay Report, built on FlexMLS data for Puerto Vallarta and Bahía de Banderas and published on October 21, 2026, counted 1,338 closings in the twelve months to September 2026. That's 7.5% fewer than a year earlier. Back in July, the same report still showed closings up 17.8%, so the turn is recent.

Supply keeps growing. Resale stock now equals about 23 months of sales, or 31 months once presales are included. And about 1,534 new homes are due for delivery by 2028, 607 of them in 2027.

The preconstruction market looks especially crowded. Presales make up 46% of listings but only 26% of sales.

Buyers are already using that leverage: 69% of homes sold below their asking price, with a median discount of 8%.

So in Puerto Vallarta, start your offer below asking, compare any presale with finished units nearby, and ask how long the property has been listed. Demand hasn't vanished, but sellers who haven't adjusted their price are now waiting.

Are Los Cabos property sellers finally losing control?

Los Cabos sellers now face noticeably more competition, with fewer transactions, a large supply of available homes, and buyers increasingly choosing completed properties over off-plan condos.

Bajacore's October 2026 analysis of Baja California Sur MLS data recorded 742 closings in Los Cabos during the first nine months of 2026, compared with 876 a year earlier.

The number of completed sales fell 15.3%, while total transaction value declined from US$1.067 billion to US$907 million.

But these figures deserve some context. The third quarter alone generated US$348 million in Los Cabos sales, up 8.6% from the equivalent quarter in 2025. The market weakened overall, but activity recovered later in the period.

Buyers nevertheless have plenty of choice. Bajacore estimated approximately 22 months of inventory for houses and condos, with 80% of listed residential properties already completed.

The shift toward finished properties is particularly revealing. Completed condos represented 57% of Los Cabos condo closings in the first nine months of 2025, compared with 74% in the equivalent 2026 period.

Preconstruction condo closings almost halved, falling from 217 to 108.

That's a much sharper change than the overall decline in condo sales. Buyers appear increasingly willing to pay for a finished property they can inspect rather than wait for an off-plan development.

Negotiated prices confirm some additional leverage. The median transaction closed at approximately 94% of the original asking price, compared with 95% in 2025.

Interestingly, the average condo selling price increased 16.2% despite fewer transactions. Bajacore found that the mix of completed sales shifted toward more expensive properties, so that increase shouldn't be treated as evidence that comparable condos suddenly became 16% more valuable.

Los Cabos is now a buyer-friendly market for selection and negotiation, particularly in developments competing with finished inventory. But luxury demand remains substantial, and the latest sales data don't justify calling it a crash.

Los Cabos property type	Closings, 9M 2025	Closings, 9M 2026	Average sale price change	Days on market, 2026
Houses	249	223	-10.0%	255
Condos	503	420	+16.2%	294
Land	124	99	-6.6%	212
Total	876	742	+0.3%	272

Source: Bajacore, BCS MLS first-nine-months 2026 report. Private developer transactions are excluded. Average price movements are affected by the mix of properties sold.

Has Mérida built too many expensive homes?

Mérida has a clear imbalance between the homes developers are selling and the price ranges where buyers are actually purchasing.

Tinsa México by Accumin reported that the metropolitan area had 12,816 homes available across 291 new developments in the third quarter of 2026.

About 75% of this inventory consisted of houses, with apartments making up the remaining 25%. Much of the supply was concentrated in the north of the city.

Mérida's growing population helps explain the construction boom. The metropolitan area has approximately 1.4 million residents and forms more than 10,000 new households each year, according to Tinsa.

The bigger issue is where demand is concentrated.

Residential-tier housing represented 51% of available developments but only 18% of quarterly sales. Middle-tier housing accounted for just 18% of developments while attracting 41% of sales.

We compared each segment's share of sales with its share of developments. By this rough measure, middle-tier housing has a sales-to-development-share ratio about 6.5 times that of residential-tier housing.

This isn't an exact absorption rate because developments can contain different numbers of homes. But the contrast is striking: developers have concentrated heavily on higher-end projects while buyers are purchasing far more homes in the middle tier.

Mérida's overall prices are still strong. Tinsa reported approximately 11% annual appreciation, so the city clearly hasn't entered a generalized price downturn.

The best negotiating opportunities are likely to be found in expensive developments competing for a relatively small share of buyers, rather than across Mérida's entire housing market.

Mérida housing segment	Share of available developments	Share of quarterly sales	Sales share / development share
Middle-tier	18%	41%	2.28x
Residential-tier	51%	18%	0.35x
Other segments combined	31%	41%	1.32x

Source: Tinsa México by Accumin, Q3 2026. Ratios are our calculations from reported shares of developments and sales. They are indicative comparisons, not precise housing-unit inventory turnover or absorption rates.

Is Mexican property getting cheaper for American buyers?

Mexican property isn't necessarily becoming cheaper for Americans, because exchange-rate movements can wipe out local price discounts.

Banco de México's official exchange-rate series shows how much the peso-dollar relationship has changed.

During parts of April 2025, one US dollar bought approximately MXN 20.5. In October 2026 it buys about MXN 18.6. The peso actually weakened recently, from under 17 per dollar in early September, but it's still much stronger than in spring 2025.

Consider a house advertised at MXN 3.5 million.

At 20.5 pesos per dollar, the purchase would cost approximately US$170,700. At about 18.6 today, the same Mexican asking price translates into around US$188,000.

That's roughly 10% more in dollars without any increase in the property's peso price.

Even negotiating a 5% discount would leave the American buyer paying approximately US$179,000, still more than under the earlier exchange rate.

However, the currency effect depends on how the property is priced. Many homes in international resort markets, particularly Los Cabos and Puerto Vallarta, are advertised and negotiated directly in US dollars.

For those homes, the seller's dollar price and the negotiated discount matter more than changes in the peso exchange rate.

Canadian buyers face an additional layer because their purchasing power depends on the Canadian dollar against whichever currency is used in the transaction.

So before celebrating a discount, foreign buyers need to compare the actual contract price in their home currency. A cheaper property in pesos may still require more dollars than before.

Is buying a property in Mexico better than renting now?

Renting can still make more financial sense than buying for people who need a Mexican mortgage, because financing costs remain much higher than typical gross rental yields.

Inmuebles24's rental indexes illustrate the difference.

The platform's June 2026 reports indicated gross annual rental yields of approximately 7.64% in Mexico City, 5.38% in Guadalajara, and 5.95% in Monterrey.

These yields represent annual advertised rent divided by the property's advertised purchase price, before expenses.

Compare them with the average Mexican mortgage rate of 11.42% reported by SHF. In Guadalajara, the mortgage interest rate is roughly six percentage points above the gross yield.

That gap becomes even larger after accounting for maintenance, property taxes, insurance, periods without tenants, and management costs.

For an investor buying primarily to earn rent, a highly leveraged property may generate negative cash flow even when tenants pay on time.

A cash buyer has different economics because there's no mortgage payment. And an owner-occupier planning to live somewhere for twenty years may value stability, ownership, and eventual mortgage repayment more than immediate rental yield.

Lower property prices alone don't guarantee an attractive purchase.

For investors, we would calculate expected rental income after expenses and compare it with the full acquisition and financing costs before assuming that today's slower housing market represents a bargain.

City	Gross rental yield	Years of gross rent to equal purchase price	Gap below 11.42% mortgage rate
Mexico City	7.64%	13.1 years	3.78 pp
Guadalajara	5.38%	18.6 years	6.04 pp
Monterrey	5.95%	16.8 years	5.47 pp

Source: Inmuebles24 June 2026 rental-yield indexes and SHF mortgage statistics. These are advertised gross yields, not net investment returns.

How much do closing costs eat into Mexican property discounts?

Buying costs can substantially increase the cash needed for a Mexican property purchase, although a negotiated discount still saves money compared with paying the full asking price.

According to Chambers and Partners' Real Estate 2026 guide, Mexican property acquisition taxes generally range from 2% to 6%, depending on the state.

Buyers also pay for notary services, registration, certificates, valuations, and potentially legal assistance.

Let's take an apartment listed for MXN 4 million.

If the seller accepts MXN 3.8 million, the buyer saves MXN 200,000 on the asking price. But assuming a 4% acquisition tax, the negotiated purchase would still generate MXN 152,000 in acquisition tax alone.

The discount remains valuable because the tax would have been higher at the original asking price. Yet the full amount required at closing is considerably larger than MXN 3.8 million.

Foreign buyers purchasing coastal residential property face another expense.

Under Mexico's Constitution and foreign-investment rules, non-Mexican individuals generally cannot directly own residential land within 50 kilometers of the coast or 100 kilometers of the borders.

They normally purchase beneficial rights through a bank trust, known as a fideicomiso. Mexico's Secretaría de Relaciones Exteriores explains that these trusts can be established for up to 50 years, with renewal possible.

The trust adds setup costs and ongoing bank fees.

For buyers planning to hold a property for a long time, these expenses can be spread over many years. Short-term investors face a tougher calculation because purchase costs, selling commissions, and any applicable capital-gains taxes must all be recovered.

A property advertised as 10% below its previous price therefore deserves a full cost calculation before we call it a bargain.

Has Mexico turned into a buyer’s market?

Partly true. Mexico has become a buyer's market in several oversupplied vacation-property segments, but most of the country's residential housing market is still too strong to deserve that label.

The evidence points to a fairly clear divide.

Tulum has experienced a major fall in property sales after years of excessive construction. Puerto Vallarta sales are now falling, and most homes sell below asking. Los Cabos sellers face greater competition from completed homes, and buyers are increasingly avoiding off-plan properties.

These are genuine changes in the relationship between buyers and sellers. They create opportunities to negotiate, particularly when properties have remained unsold for months.

Elsewhere, prices remain resilient. Guadalajara is still recording double-digit appreciation, Monterrey remains expensive, and Mexico City is seeing slower growth without a proven citywide collapse in demand.

Mérida falls somewhere between these situations, with expensive developments appearing considerably more exposed than middle-tier housing.

The national picture also limits how far we can take the buyer's-market argument. As we saw earlier, official home prices are still rising faster than inflation, while mortgage costs remain high relative to household incomes.

The most useful distinction today is between a market where buyers have more negotiating leverage and one where properties have actually become cheaper or more affordable. Those aren't always the same thing.

We also lack comprehensive nationwide figures for sale-to-asking-price ratios and completed-home inventory, which would be needed to declare a general shift in bargaining power. Local MLS data offer a clearer picture in some resort markets than the national statistics do.

Our conclusion is that Mexico has entered a more selective real estate market. Buyers with patience, cash, and the ability to compare completed properties now have a meaningful advantage in certain locations.

But anyone expecting a nationwide property crash, or believing every resort condo is suddenly a bargain, is getting ahead of the evidence.

Mexican property market	Current judgment	Main reason	What buyers should watch
Tulum investment condos	Strongly buyer-favorable	Excess construction and sharply weaker sales	Completion risk, actual rental income, resale competition
Los Cabos	Buyer-favorable	Long inventory and stronger demand for finished units	Original asking prices, completed alternatives
Puerto Vallarta	Buyer-favorable	Longer selling times and extensive resale inventory	Time listed, price per square meter
Mérida	Mixed	Expensive housing developments account for a large share of projects relative to sales	Higher-end developments versus middle-tier housing
Mexico City	Cooling, but not clearly buyer-led	Modest appreciation with continued rental demand	Neighborhood-level prices and negotiation
Monterrey	Still relatively resilient	Expensive housing with continued appreciation	Financing costs and comparable local sales
Guadalajara	No clear citywide buyer's market	Strong property appreciation	Individual developments with excess listings
Mexico overall	Not yet a nationwide buyer's market	Rising prices and highly uneven local conditions	Completed-sale discounts and inventory relative to sales