Mike is one of the more level-headed analysts, probably due to the wealth of national data he processes. There will probably be a solid undercurrent of activity as evidenced in the graph above:

Mike’s tweet:

Prices, meanwhile are still strong. 5 bidders instead of 50 bidders will still support your asking price. Prices holding up stronger than I expected frankly. $449,000 for the median single family home in the US now.