I don’t think the question had a focus on the short term dynamics of the market. There is no doubt the market is slowing down, it has been for quite awhile now. However that is due an extraordinary fast runup in prices due to very poor inventory levels and low rates. Now that prices have runup so much, buyers are taking caution and being more selective. At the same time sellers are pricing well beyond comp levels. So yes the market is slowing and will normalize, inventory will continue to grow and prices will drop. Maybe it will take 6 more months, maybe a year or two.

However that was not the question.

Long term behavior will be more determined by rates. The long term outlook for the market seems reasonable as long as rates are held in check.