Yes, you’re right. The $1MM++ market is also closer to “normal” than the better areas of the good zips (the ~$700K-$1MM market is more what I was referring to when speaking of “higher end”).
It’s the spread between the higher-mid level (~$700K-$1MM++ market) and the lower end that is still not back to levels seen at inflection points. When I say “higher end” I’m referring to the more expensive homes in good zip codes, not necessarily the *much more exclusive* RSF, La Jolla, Del Mar areas (though it can be seen there as well in some cases).
IMHO, the $1MM++ inventory is pretty bloated, and the tier just below it (~$700K-$1MM) is going to be crushed from the weight of the $1MM+ market. There is actually price compression in the higher-mid and high tiers, and that’s what I think is going to bring down the top half of the housing market (the compression is there to mark an inflection point in the mid-high end, and I think it’s about to go down).
