Well it is obviously very difficult to make this short but I will attempt to do so. I'll attempt to convey how I see things from my company and just as a section (or sliver) of what I see and hear.
May was a great month and so was June. July is looking to close well. August is traditionally a tad slow because it is so hot and humid and I know, if I was looking to buy a property I wouldn't be thrilled to go look at non air conditioned properties on my weekend off. Of course, I love to because this is my job. And without showing properties, I really can't get anywhere. But since August is usually a slumping month, this in return works in the buyer's favor. You get eager sellers, eager to make a sale even if it's discounted, eager to make their goals for the month.
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The big news recently is Zephyr going bust... and a lot of small to medium sized developers going with them. Properties aren't selling as much as they would like and not for as much either. Without selling, they can't pay off their loans they have. Without paying off their loans, it is very difficult getting additional financing. Without additional financing for investment for new properties that sell combined with a slumping market, rising costs for building materials, tougher building regulations and a new lag for building approval, all add up to give heat to a lot of developers. ** Well, builders / developers without "Mitsui", "Sumitomo" or "Mitsubishi" in their names. **
While the mass media continue to report terrible results for real estate, those are results for things that have already unfolded and happened. The way that I am seeing real estate, people are buying.