Which price points have been most severely affected by the pricing downturn?

Fairfield County, with the majority of the upper end inventory in the state, has been the most affected by the downtown in the real estate market. The upper end price point, which is over approximately $2m, has been more adversely affected than the first time home buyer market, which is under approximately $700k. This is primarily due to first time home buyers not having to sell an existing home in order to buy another home. Therefore, the upper end of the market has incurred a larger percentage decrease in value than has the lower end of the market. More buyers are now entering the market to take advantage of stimulus incentives and improved housing affordability, but it may take some time before we see an increase in measurable sales contract activity.