For the most part we didn't experience that spike in prices, and therefore there was no freefall. Prices continued to rise, albeit at a slower pace, especially in established neighborhoods. The "feeding frenzy" did occur in some suburban areas, and the effect is still being felt ... foreclosures and short sales are keeping a lid on prices, and there's little shortage of inventory.
Many homeowners have taken advantage of today's interest rates and refinanced, which significantly decreased their monthly payments. Their homes are now very affordable, so they're not putting them on the market. The lack of inventory, in addition to the increase in qualified buyers as the economy recovers, has resulted in a virtual overnight turnaround ... it was a buyers' market on Monday and a sellers' market on Tuesday.
The influx of new Housontians has further contributed to the healthy real estate market. With no state or local income taxes, coupled with the business-friendly environment, more homebuyers are competing for the fewer homes that are available.
So it is about jobs, but there are other factors involved as well. Whatever the reason, I'm thankful.