Homes in my neighborhood that were going the first day on the market for 200K more than they would have 2 years ago are suddenly sitting, and prices are going down. (small sample size when I am referring to my neighborhood in Phoenix of course) A buddy of mine who owns 11 houses (vacation, primary and some rental homes plus some flips) says he noticed it has slowed over the last month, and a real estate agent said its definitely getting back to more normal operations versus bidding wars. Are you seeing similar things where you live?

Per Morningbrew newsletter — "Lumber futures posted their biggest weekly drop ever last week and continued to decline yesterday. Now at <$1,000 per thousand board feet, prices are down almost 41% since May's record high. What's going on? Demand for homebuilding across North America strained supplies, sending prices skyrocketing. But sawmills have increased output (+5% over the last year, and another 5% increase is expected ahead), and now more buyers are balking at historically expensive wood.

Is higher-priced lumber the new normal? Lumber market experts think so—at least in the mid-term. Strong demand will probably keep lumber prices above pre-pandemic levels for at least 1–2 years, according to BMO analyst Mark Wilde."

Going to be really interesting to see where things go with the economy over the next year and we see the more clear impact of shutting down the economy so severely in some places.