Sounding like a broken record here, the local real estate market has remained resilient to National economic news, inflation, and rising interest rates. That being said, the collective trio is starting to take its toll on real estate prices, with sales prices continuing to soften as we move into the third quarter of 2022, but not at an alarming rate. Months' supply of inventory is hard to track with a few sales that are skewing the data, but the absorption (calculated on 111 residential sales over the last 6 months in Teton County, Idaho) remains somewhere around 6 months worth of supply, similar to our last report. Interestingly, the months' supply of homes in the luxury sector (I somewhat arbitrarily set 1.2 million as the cutoff, a hard pill to swallow for those permanent residents seeking to move to the area) is lower, roughly half of those homes under 1.2m - which may offer us a look into the future of home prices if supply continues to increase. Several townhouse projects are slated for 2023 completion, including 44 units in the Stone Peak townhouses development and the balance of the unsold townhomes in the Moraine Square development, both in Driggs. There are a number of projects on the docket as well, which may bring new supply of affordable homes and some relief to that sector of the market. Stay tuned for future reports as we continue to navigate, understand and interpret the evolving Teton Region's real estate market.