To what do you attribute the strength of the high end market? Do the high end buyers have homes to sell? If they don’t it would explain the strength of the high end market.
I know the bottom end weakenend first, and that affected the 2nd tier, as the moveup buyer couldn’t sell his home. Next, comes the 3rd tier. Also the bottom end is more interest rate sensitive.
While there are plenty of people making over $400K per year to afford a $1.3 mil house, I doubt there are enough to buy all the houses built for them. So I wonder how we will get buyers for all those $1.5 mil and up homes? It seems like a small pool of buyers.
