In many cities housing transactions have fallen to a ten-year low even though prices have barely moved.
From the outside the story looks simple. Look closer and every choice involves a trade-off: costs saved in one place reappear somewhere else, and those affected are rarely the ones making the decision.
Early data suggest the trend took shape several years ago; only now is it big enough to be noticed. The numbers are still noisy, but the direction is clear.
What comes next
The biggest question is speed. If change comes slowly, everyone has time to adapt. If it comes fast, laggards will pay. Either way, preparing today is cheaper than fixing mistakes tomorrow.
