Housing Market Leveling Off?

A bit late on this, but: DCist last month on local real estate. All the signs point to a slowing in the housing market around here — not a popped bubble just yet, but at least a leveling off which gives young urbanites time to catch up with prices that shot up far too high, even for a crowded, high-demand urban center. Given this slowdown, plus the news of thousands of new condos being built in the DC metro area starting next year, I might actually be able to live the so-called American Dream sometime in the near future, without being priced clear out of the District to Nebraska or something.

To those of you who sold before now, goody for you! (Thumbs up to Terrapin.) To those of you who bought $800K houses in gentrified neighborhoods on variable rate no-mortgage loans, my condolences, and let me know if you have a pre-foreclosure open house.

Update: Joint Strike Weasel: It’s a renter’s market. Over on Volokh, David Bernstein says DC markets are starting to take a pounding.