You probably didn’t sell that many if you sold them as lamas, llamas however thats a whole other animal!
To link back to one of the professors analysis pieces interest rates have risen by 40% or so since last year. That means given the same financing schemes people can afford 40% less house. I actually don’t think demand has fallen 40% quite yet so as I see it, demand really is still outpacing rising interest rates though at this point just barely.
As many have said many times, it takes the market participants a while to digest these changes and to curb behaviour accordingly.
