The percentage change in Active Listings between the first week of October and mid-November:
2018:Ā -3%
2019:Ā -11%
2020:Ā -12%
2021:Ā -18%
2022:Ā Ā -0-
2023: -4%
It looks like the sellers are hanging around a while longer to see if November might be their lucky month. Only 16 listings went pending since last Monday (current count is 112 pendings), and there have been 39 closings this month.
It’s probably going to stay fairly quiet the rest of the year because sellers aren’t sensing any reason to panic, and they can see the 2024 Selling Season from here.
This is the same graph from November 14, 2022 – the late-summer surge of pendings was better this year:
The $0 ā $1,500,000 Market:
Date |
NSDCC Active Listings |
Avg. LP/sf |
Avg. DOM |
# of Pendings |
Jan 2, 2023 |
22 |
$719/sf |
75 |
15 |
Jan 9 |
26 |
$687/sf |
50 |
14 |
Jan 16 |
23 |
$701/sf |
52 |
20 |
Jan 23 |
25 |
$751/sf |
60 |
21 |
Jan 30 |
23 |
$788/sf |
45 |
25 |
Feb 6 |
18 |
$750/sf |
59 |
24 |
Feb 13 |
18 |
$770/sf |
48 |
26 |
Feb 20 |
17 |
$778/sf |
49 |
26 |
Feb 27 |
18 |
$802/sf |
48 |
23 |
Mar 6 |
22 |
$802/sf |
44 |
14 |
Mar 13 |
22 |
$747/sf |
45 |
16 |
Mar 20 |
16 |
$826/sf |
49 |
21 |
Mar 27 |
17 |
$853/sf |
47 |
20 |
Apr 3 |
19 |
$803/sf |
37 |
20 |
Apr 10 |
11 |
$778/sf |
53 |
30 |
Apr 17 |
15 |
$690/sf |
44 |
27 |
Apr 24 |
12 |
$682/sf |
33 |
25 |
May 1 |
11 |
$795/sf |
35 |
27 |
May 8 |
14 |
$780/sf |
33 |
24 |
May 15 |
16 |
$770/sf |
37 |
22 |
May 22 |
21 |
$747/sf |
45 |
18 |
May 29 |
20 |
$757/sf |
52 |
21 |
Jun 5 |
23 |
$755/sf |
49 |
20 |
Jun 12 |
17 |
$711/sf |
31 |
32 |
Jun 19 |
16 |
$674/sf |
34 |
33 |
Jun 26 |
20 |
$677/sf |
32 |
29 |
Jul 3 |
21 |
$645/sf |
28 |
33 |
Jul 10 |
23 |
$692/sf |
30 |
32 |
Jul 17 |
21 |
$730/sf |
37 |
30 |
Jul 24 |
21 |
$704/sf |
37 |
32 |
Jul 31 |
21 |
$713/sf |
44 |
27 |
Aug 7 |
22 |
$692/sf |
50 |
25 |
Aug 14 |
24 |
$693/sf |
48 |
24 |
Aug 21 |
22 |
$688/sf |
25 |
29 |
Aug 28 |
25 |
$679/sf |
47 |
38 |
Sep 4 |
23 |
$718/sf |
50 |
36 |
Sep 11 |
29 |
$685/sf |
44 |
33 |
Sep 18 |
28 |
$696/sf |
35 |
28 |
Sep 25 |
31 |
$725/sf |
36 |
25 |
Oct 2 |
24 |
$711/sf |
50 |
25 |
Oct 9 |
29 |
$742/sf |
47 |
20 |
Oct 16 |
35 |
$762/sf |
45 |
14 |
Oct 23 |
31 |
$745/sf |
43 |
18 |
Oct 30 |
28 |
$777/sf |
40 |
16 |
Nov 6 |
28 |
$791/sf |
41 |
16 |
Nov 13 |
26 |
$794/sf |
46 |
16 |
The $1,500,000 ā $2,000,000 Market:
Date |
NSDCC Active Listings |
Avg. LP/sf |
Avg. DOM |
# of Pendings |
Jan 2, 2023 |
45 |
$809/sf |
60 |
18 |
Jan 9 |
55 |
$828/sf |
53 |
19 |
Jan 16 |
46 |
$838/sf |
53 |
30 |
Jan 23 |
43 |
$793/sf |
52 |
31 |
Jan 30 |
40 |
$778/sf |
54 |
34 |
Feb 6 |
42 |
$814/sf |
46 |
30 |
Feb 13 |
35 |
$823/sf |
51 |
39 |
Feb 20 |
34 |
$801/sf |
47 |
40 |
Feb 27 |
27 |
$846/sf |
33 |
45 |
Mar 6 |
29 |
$893/sf |
33 |
41 |
Mar 13 |
32 |
$850/sf |
33 |
39 |
Mar 20 |
27 |
$872/sf |
36 |
41 |
Mar 27 |
22 |
$832/sf |
39 |
36 |
Apr 3 |
21 |
$779/sf |
27 |
36 |
Apr 10 |
22 |
$816/sf |
26 |
33 |
Apr 17 |
27 |
$797/sf |
21 |
33 |
Apr 24 |
28 |
$856/sf |
31 |
34 |
Apr 24 |
28 |
$856/sf |
31 |
34 |
May 1 |
30 |
$789/sf |
28 |
36 |
May 8 |
36 |
$808/sf |
25 |
37 |
May 15 |
33 |
$776/sf |
33 |
44 |
May 22 |
35 |
$818/sf |
36 |
44 |
May 29 |
38 |
$786/sf |
33 |
40 |
Jun 5 |
39 |
$791/sf |
34 |
30 |
Jun 12 |
37 |
$754/sf |
37 |
32 |
Jun 19 |
36 |
$779/sf |
35 |
35 |
Jun 26 |
39 |
$766/sf |
34 |
36 |
Jul 3 |
39 |
$776/sf |
41 |
40 |
Jul 10 |
45 |
$780/sf |
37 |
39 |
Jul 17 |
53 |
$807/sf |
29 |
36 |
Jul 24 |
51 |
$787/sf |
32 |
38 |
Jul 31 |
51 |
$763/sf |
30 |
39 |
Aug 7 |
45 |
$750/sf |
36 |
39 |
Aug 14 |
42 |
$739/sf |
38 |
39 |
Aug 21 |
39 |
$707/sf |
29 |
46 |
Aug 28 |
51 |
$723/sf |
30 |
39 |
Sep 4 |
46 |
$739/sf |
31 |
30 |
Sep 11 |
42 |
$771/sf |
27 |
30 |
Sep 18 |
40 |
$805/sf |
27 |
31 |
Sep 25 |
38 |
$851/sf |
28 |
33 |
Oct 2 |
45 |
$827/sf |
28 |
27 |
Oct 9 |
43 |
$891/sf |
32 |
27 |
Oct 16 |
48 |
$848/sf |
32 |
30 |
Oct 23 |
48 |
$837/sf |
34 |
26 |
Oct 30 |
49 |
$829/sf |
34 |
30 |
Nov 6 |
51 |
$825/sf |
36 |
23 |
Nov 13 |
52 |
$826/sf |
38 |
24 |
The $2,000,000 ā $3,000,000 Market:
Date |
NSDCC Active Listings |
Avg. LP/sf |
Avg. DOM |
# of Pendings |
Jan 2, 2023 |
52 |
$869/sf |
69 |
30 |
Jan 9 |
57 |
$940/sf |
66 |
31 |
Jan 16 |
50 |
$948/sf |
61 |
36 |
Jan 23 |
51 |
$949/sf |
58 |
35 |
Jan 30 |
54 |
$964/sf |
55 |
34 |
Feb 6 |
60 |
$930/sf |
51 |
42 |
Feb 13 |
51 |
$1,038/sf |
52 |
47 |
Feb 20 |
58 |
$1,022/sf |
47 |
46 |
Feb 27 |
56 |
$1,064/sf |
52 |
49 |
Mar 6 |
57 |
$995/sf |
50 |
50 |
Mar 13 |
55 |
$1,015/sf |
53 |
47 |
Mar 20 |
50 |
$1,011/sf |
58 |
50 |
Mar 27 |
54 |
$1,039/sf |
49 |
47 |
Apr 3 |
54 |
$1,035/sf |
52 |
38 |
Apr 10 |
55 |
$1,004/sf |
48 |
42 |
Apr 17 |
64 |
$985/sf |
47 |
46 |
Apr 24 |
57 |
$1,001/sf |
43 |
50 |
May 1 |
57 |
$1,008/sf |
42 |
45 |
May 8 |
68 |
$1,031/sf |
36 |
41 |
May 15 |
71 |
$1,007/sf |
34 |
39 |
May 22 |
77 |
$1,003/sf |
34 |
38 |
May 29 |
74 |
$1,002/sf |
39 |
43 |
Jun 5 |
77 |
$991/sf |
42 |
44 |
Jun 12 |
82 |
$986/sf |
48 |
45 |
Jun 19 |
90 |
$978/sf |
48 |
33 |
Jun 26 |
90 |
$1,015/sf |
49 |
33 |
Jul 3 |
92 |
$1,019/sf |
49 |
36 |
Jul 10 |
89 |
$1,021/sf |
50 |
44 |
Jul 17 |
97 |
$1,013/sf |
48 |
42 |
Jul 24 |
91 |
$1,010/sf |
48 |
42 |
Jul 31 |
81 |
$999/sf |
56 |
52 |
Aug 7 |
81 |
$1,011/sf |
53 |
49 |
Aug 14 |
76 |
$996/sf |
58 |
48 |
Aug 21 |
71 |
$959/sf |
45 |
49 |
Aug 28 |
82 |
$990/sf |
46 |
43 |
Sep 4 |
81 |
$1,022/sf |
46 |
39 |
Sep 11 |
84 |
$1,017/sf |
44 |
39 |
Sep 18 |
82 |
$1,031/sf |
43 |
44 |
Sep 25 |
87 |
$1,079/sf |
44 |
41 |
Oct 2 |
83 |
$1,081/sf |
43 |
44 |
Oct 9 |
83 |
$1,056/sf |
46 |
42 |
Oct 16 |
76 |
$1,059/sf |
48 |
42 |
Oct 23 |
78 |
$1,068/sf |
46 |
47 |
Oct 30 |
72 |
$1,068/sf |
53 |
38 |
Nov 6 |
80 |
$1,051/sf |
46 |
33 |
Nov 13 |
73 |
$1,039/sf |
54 |
26 |
The $3,000,000 ā $4,000,000 Market:
Date |
NSDCC Active Listings |
Avg. LP/sf |
Avg. DOM |
# of Pendings |
Jan 2, 2023 |
29 |
$1,236/sf |
85 |
6 |
Jan 9 |
29 |
$1,180/sf |
80 |
5 |
Jan 16 |
31 |
$1,196/sf |
73 |
8 |
Jan 23 |
33 |
$1,201/sf |
71 |
7 |
Jan 30 |
37 |
$1,218/sf |
70 |
6 |
Feb 6 |
34 |
$1,236/sf |
75 |
12 |
Feb 13 |
43 |
$1,333/sf |
68 |
11 |
Feb 20 |
39 |
$1,392/sf |
71 |
18 |
Feb 27 |
37 |
$1,323/sf |
68 |
22 |
Mar 6 |
49 |
$1,222/sf |
56 |
20 |
Mar 13 |
49 |
$1,312/sf |
49 |
22 |
Mar 20 |
46 |
$1,321/sf |
52 |
25 |
Mar 27 |
50 |
$1,329/sf |
52 |
25 |
Apr 3 |
49 |
$1,342/sf |
51 |
23 |
Apr 10 |
50 |
$1,321/sf |
57 |
24 |
Apr 17 |
47 |
$1,342/sf |
59 |
26 |
Apr 24 |
49 |
$1,281/sf |
63 |
28 |
May 1 |
53 |
$1,227/sf |
62 |
23 |
May 8 |
55 |
$1,122/sf |
63 |
19 |
May 15 |
57 |
$1,211/sf |
59 |
19 |
May 22 |
59 |
$1,170/sf |
61 |
19 |
May 29 |
60 |
$1,171/sf |
60 |
17 |
Jun 5 |
70 |
$1,178/sf |
55 |
15 |
Jun 12 |
64 |
$1,198/sf |
53 |
18 |
Jun 19 |
67 |
$1,184/sf |
54 |
20 |
Jun 26 |
66 |
$1,204/sf |
58 |
25 |
Jul 3 |
63 |
$1,215/sf |
58 |
22 |
Jul 10 |
72 |
$1,204/sf |
59 |
23 |
Jul 17 |
79 |
$1,173/sf |
64 |
22 |
Jul 24 |
78 |
$1,182/sf |
63 |
23 |
Jul 31 |
69 |
$1,181/sf |
66 |
22 |
Aug 7 |
72 |
$1,214/sf |
65 |
19 |
Aug 14 |
65 |
$1,224/sf |
67 |
26 |
Aug 21 |
66 |
$1,236/sf |
57 |
24 |
Aug 28 |
64 |
$1,232/sf |
64 |
20 |
Sep 4 |
59 |
$1,215/sf |
70 |
21 |
Sep 11 |
50 |
$1,134/sf |
78 |
22 |
Sep 18 |
46 |
$1,150/sf |
80 |
20 |
Sep 25 |
47 |
$1,182/sf |
84 |
20 |
Oct 2 |
45 |
$1,221/sf |
80 |
15 |
Oct 9 |
47 |
$1,205/sf |
75 |
10 |
Oct 16 |
49 |
$1,192/sf |
80 |
15 |
Oct 23 |
49 |
$1,201/sf |
71 |
13 |
Oct 30 |
47 |
$1,191/sf |
73 |
14 |
Nov 6 |
46 |
$1,183/sf |
77 |
17 |
Nov 13 |
44 |
$1,206/sf |
77 |
18 |
The $4,000,000+ Market:
Date |
NSDCC Active Listings |
Avg. LP/sf |
Avg. DOM |
# of Pendings |
Jan 2, 2023 |
121 |
$1,744/sf |
126 |
21 |
Jan 9 |
119 |
$1,716/sf |
123 |
20 |
Jan 16 |
120 |
$1,761/sf |
121 |
26 |
Jan 23 |
122 |
$1,707/sf |
119 |
27 |
Jan 30 |
120 |
$1,680/sf |
121 |
30 |
Feb 6 |
125 |
$1,714/sf |
118 |
28 |
Feb 13 |
121 |
$1,750/sf |
116 |
32 |
Feb 20 |
129 |
$1,725/sf |
112 |
33 |
Feb 27 |
124 |
$1,743/sf |
115 |
31 |
Mar 6 |
122 |
$1,753/sf |
109 |
28 |
Mar 13 |
120 |
$1,782/sf |
109 |
32 |
Mar 20 |
129 |
$1,783/sf |
106 |
28 |
Mar 27 |
127 |
$1,781/sf |
106 |
27 |
Apr 3 |
131 |
$1,774/sf |
105 |
27 |
Apr 10 |
136 |
$1,788/sf |
107 |
24 |
Apr 17 |
140 |
$1,776/sf |
108 |
27 |
Apr 24 |
141 |
$1,771/sf |
107 |
31 |
May 1 |
142 |
$1,760/sf |
105 |
30 |
May 8 |
140 |
$1,737/sf |
104 |
32 |
May 15 |
141 |
$1,812/sf |
107 |
37 |
May 22 |
145 |
$1,816/sf |
106 |
29 |
May 29 |
142 |
$1,846/sf |
110 |
36 |
Jun 5 |
152 |
$1,791/sf |
107 |
31 |
Jun 12 |
163 |
$1,777/sf |
106 |
24 |
Jun 19 |
166 |
$1,779/sf |
102 |
26 |
Jun 26 |
179 |
$1,758/sf |
98 |
29 |
Jul 3 |
184 |
$1,670/sf |
91 |
39 |
Jul 10 |
192 |
$1,653/sf |
92 |
42 |
Jul 17 |
187 |
$1,666/sf |
94 |
47 |
Jul 24 |
185 |
$1,668/sf |
98 |
49 |
Jul 31 |
184 |
$1,653/sf |
102 |
51 |
Aug 7 |
178 |
$1,639/sf |
101 |
51 |
Aug 14 |
182 |
$1,625/sf |
106 |
45 |
Aug 21 |
177 |
$1,612/sf |
100 |
43 |
Aug 28 |
181 |
$1,644/sf |
106 |
40 |
Sep 4 |
179 |
$1,646/sf |
109 |
32 |
Sep 11 |
177 |
$1,683/sf |
105 |
32 |
Sep 18 |
169 |
$1,660/sf |
106 |
29 |
Sep 25 |
183 |
$1,662/sf |
106 |
27 |
Oct 2 |
180 |
$1,676/sf |
107 |
25 |
Oct 9 |
190 |
$1,647/sf |
103 |
30 |
Oct 16 |
185 |
$1,613/sf |
104 |
33 |
Oct 23 |
181 |
$1,655/sf |
106 |
32 |
Oct 30 |
184 |
$1,618/sf |
107 |
31 |
Nov 6 |
172 |
$1,622/sf |
106 |
32 |
Nov 13 |
170 |
$1,645/sf |
105 |
31 |
NSDCC Weekly New Listings and New Pendings
Week |
New Listings |
New Pendings |
Total Actives |
Total Pendings |
Jan 2, 2023 |
11 |
6 |
263 |
89 |
Jan 9 |
36 |
15 |
277 |
88 |
Jan 16 |
36 |
34 |
266 |
114 |
Jan 23 |
36 |
22 |
269 |
116 |
Jan 30 |
32 |
25 |
272 |
123 |
Feb 6 |
46 |
33 |
275 |
131 |
Feb 13 |
30 |
35 |
265 |
150 |
Feb 20 |
43 |
34 |
274 |
158 |
Feb 27 |
27 |
30 |
260 |
165 |
Mar 6 |
45 |
28 |
276 |
150 |
Mar 13 |
38 |
38 |
274 |
154 |
Mar 20 |
39 |
37 |
265 |
164 |
Mar 27 |
36 |
25 |
267 |
153 |
Apr 3 |
37 |
28 |
271 |
143 |
Apr 10 |
36 |
39 |
272 |
151 |
Apr 17 |
47 |
27 |
291 |
157 |
Apr 24 |
46 |
41 |
282 |
167 |
May 1 |
59 |
31 |
288 |
159 |
May 8 |
53 |
26 |
310 |
151 |
May 15 |
48 |
31 |
315 |
157 |
May 22 |
50 |
24 |
332 |
145 |
May 29 |
43 |
37 |
325 |
154 |
Jun 5 |
43 |
17 |
352 |
137 |
Jun 12 |
52 |
36 |
357 |
146 |
Jun 19 |
48 |
30 |
369 |
143 |
Jun 26 |
65 |
26 |
391 |
148 |
Jul 3 |
60 |
48 |
394 |
166 |
Jul 10 |
51 |
34 |
415 |
176 |
Jul 17 |
55 |
28 |
430 |
173 |
Jul 24 |
37 |
43 |
419 |
184 |
Jul 31 |
48 |
44 |
399 |
187 |
Aug 7 |
43 |
32 |
390 |
181 |
Aug 14 |
36 |
24 |
384 |
178 |
Aug 21 |
41 |
45 |
371 |
187 |
Aug 28 |
37 |
27 |
395 |
177 |
Sep 4 |
35 |
29 |
378 |
155 |
Sep 11 |
40 |
30 |
373 |
155 |
Sep 18 |
37 |
29 |
369 |
145 |
Sep 25 |
39 |
20 |
382 |
141 |
Oct 2 |
44 |
31 |
372 |
132 |
Oct 9 |
45 |
23 |
384 |
127 |
Oct 16 |
31 |
23 |
381 |
126 |
Oct 23 |
36 |
26 |
379 |
131 |
Oct 30 |
28 |
17 |
371 |
125 |
Nov 6 |
30 |
23 |
369 |
118 |
Nov 13 |
29 |
16 |
358 |
112 |
NSDCC Weekly LP Quartiles
Week |
1st Quartile |
2nd Quartile (Median LP) |
3rd Quartile |
Jan 2, 2023 |
$2,095,000 |
$3,695,000 |
$5,995,000 |
Jan 9 |
$1,990,000 |
$3,495,000 |
$5,775,000 |
Jan 16 |
$2,000,000 |
$3,574,000 |
$5,995,000 |
Jan 23 |
$2,099,000 |
$3,595,000 |
$5,999,000 |
Jan 30 |
$2,195,000 |
$3,525,000 |
$5,942,000 |
Feb 6 |
$2,195,000 |
$3,598,000 |
$6,845,000 |
Feb 13 |
$2,300,000 |
$3,795,000 |
$6,495,000 |
Feb 20 |
$2,397,500 |
$3,950,000 |
$6,197,500 |
Feb 27 |
$2,480,800 |
$3,970,000 |
$6,845,000 |
Mar 6 |
$2,395,000 |
$3,749,500 |
$5,995,000 |
Mar 13 |
$2,397,000 |
$3,772,500 |
$5,997,000 |
Mar 20 |
$2,580,000 |
$3,995,000 |
$6,800,000 |
Mar 27 |
$2,595,000 |
$3,995,000 |
$6,845,000 |
Apr 3 |
$2,699,000 |
$3,995,000 |
$6,750,000 |
Apr 10 |
$2,799,500 |
$4,074,997 |
$6,895,000 |
Apr 17 |
$2,600,000 |
$3,995,000 |
$6,597,000 |
Apr 24 |
$2,685,000 |
$4,074,997 |
$6,895,000 |
May 1 |
$2,695,000 |
$3,999,000 |
$6,495,000 |
May 8 |
$2,525,000 |
$3,849,949 |
$5,946,000 |
May 15 |
$2,495,000 |
$3,749,400 |
$5,950,000 |
May 22 |
$2,444,000 |
$3,695,400 |
$6,000,000 |
May 29 |
$2,495,000 |
$3,699,000 |
$6,395,000 |
Jun 5 |
$2,450,000 |
$3,641,500 |
$6,000,000 |
Jun 12 |
$2,499,900 |
$3,799,999 |
$6,496,000 |
Jun 19 |
$2,495,000 |
$3,750,000 |
$6,497,000 |
Jun 26 |
$2,450,000 |
$3,799,000 |
$6,495,000 |
Jul 3 |
$2,479,000 |
$3,891,500 |
$6,235,000 |
Jul 10 |
$2,468,000 |
$3,900,000 |
$5,998,985 |
Jul 17 |
$2,350,000 |
$3,669,000 |
$5,949,000 |
Jul 24 |
$2,399,000 |
$3,799,999 |
$5,995,000 |
Jul 31 |
$2,395,000 |
$3,888,000 |
$6,245,000 |
Aug 7 |
$2,492,000 |
$3,895,000 |
$6,345,000 |
Aug 14 |
$2,495,000 |
$3,995,000 |
$6,499,000 |
Aug 21 |
$2,499,000 |
$3,995,000 |
$6,395,000 |
Aug 28 |
$2,395,000 |
$3,850,000 |
$6,245,000 |
Sep 4 |
$2,372,500 |
$3,957,500 |
$6,446,500 |
Sep 11 |
$2,299,500 |
$3,995.000 |
$6,845,000 |
Sep 18 |
$2,349,600 |
$3,995,000 |
$6,750,000 |
Sep 25 |
$2,349,500 |
$3,991,500 |
$6,695,000 |
Oct 2 |
$2,350,000 |
$3,995,000 |
$6,700,000 |
Oct 9 |
$2,372,500 |
$3,999,450 |
$6,750,000 |
Oct 16 |
$2,325,000 |
$3,995,000 |
$6,650,000 |
Oct 23 |
$2,299,000 |
$3,995,000 |
$6,695,000 |
Oct 30 |
$2,300,000 |
$3,999,000 |
$6,750,000 |
Nov 6 |
$2,250,000 |
$3,888,888 |
$6,650,000 |
Nov 13 |
$2,225,000 |
$3,893,444 |
$6,995,000 |
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
The 30-year mortgage rates were at 7.56% on November 10th, down from just over 8% on October 19th – the highest 30-year fixed rate in 23 years.
A year ago, 30-year mortgage rates were at 7.14%, and two years ago rates were at 3.20%.
Or what if agents received a flat fee and a bonus commission if they got the Sellers a higher price and the Buyers would pay their agent a bonus for a lower price on the purchase?
I’m also wondering if when mortgage rates come down more homes hit the market and the lower rates actually drive down prices because of more supply and still lots of equity.
Or what if agents received a flat fee and a bonus commission if they got the Sellers a higher price and the Buyers would pay their agent a bonus for a lower price on the purchase?
Agents aren’t that comfortable with that gamble. They want the sure bet, and push the risk onto the client.
Iām also wondering if when mortgage rates come down more homes hit the market and the lower rates actually drive down prices because of more supply and still lots of equity.
The supply and demand dropped in sync lately, and my ‘forever home’ theory will prevail. If rates came down to 4% today, it wouldn’t add to the supply like all the pundits think. It’s too hard to find a better home at a decent price to move.