I was asked, “Can you sum it up in one sentence?”

Yes – the inferior homes won’t be selling as fast, or for as much, as the superior homes.

There should be a gap – a sizable gap – between inferior and superior homes. But over the last year, it got squeezed and those who were selling inferior homes really made out nicely. Not only did they sell quickly, they didn’t have to discount much, if at all.

Those are the homes that will be sitting around longer as buyers catch their breath.

But the counts of active listings are so low that it won’t matter much if they creep up a bit:

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