Despite the uptick in rates and turbulent economy, the market remains very tight on inventory. This extreme constriction of inventory is leading to upward price pressure that is out of whack with general economic conditions. Let's be clear, this market suffers from a lack of listings rather than an abundance of buyers.
The chart below from the local MLS shows clearly that pending sales are only slightly higher than new listings last month. That is a very healthy ratio. Year over year median price was a robust 17.6%n and that one stat alone is why the severe price growth will be difficult to match again in 2022. Incomes are rising but at a lethargic 3-5% so tens of thousands of potential buyers have been priced out of our market.