“One can feel it. A tightness, an obstacle in the way. The market has slowed. MLS numbers show more than double the inventory YoY (1269 vs. 576), sales pace has slowed (302 vs 495) and Months of Inventory reflects that (4.2 vs. 1.2). And while we are still up on Median Price YoY ($225k vs $215k) we saw a drop over last month’s $239k. But remember, raw demographics don’t hew to economic conditions (though some things, like household formation, do.) Local population growth at ~2% creates inherent demand of roughly 2,000 new dwelling units every year in our market. So, there is a net beneath us.

Our Mover’s Moving Index hit a respectable 225 for November. Not terrible, considering.”