I wonder if the current state of the market is tied to the popularity of Zillow and Redfin? Owners now have a price that for the most part they don't feel that they should ever sell below. Buyers are seeing the same numbers and know that they have to pretty much meet or exceed to purchase. As long as demand marginally exceeds supply this creates a positive feedback loop that will generally see prices steadily climb. Until they don't... Neither service offered information when/where I sold my house in Virginia. I listed it for what I thought was a reasonable price, someone offered slightly less and I said sure.