It's clearly a market mix issue. Expensive homes are not selling as fast as inexpensive homes.
What we're watching for here carefully are signs of a significant downturn, especially for price declines ... There are hiccups here and there but as a whole the market does not seem to be showing any signs of an impending decline.
It's part of a broader trend. Nationwide there are markets that have a ways to go, especially in the Midwest. But we're much closer to the end of the cycle than the peak. Now we're watching how it plays out -- whether it's going to smash into a wall or just level off for a while.
It's still going up, not as fast as it was a half year or a year ago.
I think we are in a fairly normal market here. The market we are comparing to a year ago was an abnormal market.
It's not that it's a particularly active market. It's just that more homes are in that category because of that rise in the rate of appreciation.
Demand is still very strong out there. The people who want to buy homes still outnumber the people who want to sell.
That part of the market is pretty stable, it's just that there's been across-the-board appreciation.
The boom part of the cycle is over. Most of the gains this time around are behind us. Now the question is how much of those gains do we get to keep.
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