Is This a Bubble?

Homes at the top of the market are selling at a relative count compared to their entry level counterparts. Newer homes that are under five years old seem to be selling at a premium. Transaction volumes are down across most markets, but that could be due to lack of inventory as much as higher costs associated with borrowing at higher interest rates. As a developer, what would you count on? The natural bias is to forecast that to morrow will be just like to day. But we all know that market conditions where a town house sells nearly 200 thousand above asking is not sustainable.