I wanted to share these charts because they point out how housing is a national issue, not just a local or California issue. Let's see how our local markets have been responding.

For the Conejo valley, inventory has been growing rapidly, up 28% from the same time last year. Our inventory remains heavily anchored by the highest price tier of homes, with close to half of the inventory offered for over $1.5 million. Price increases have been moderating, still up 5% from last year. Due to high mortgage interest rates, near 7%, sales are down by 1% from a year ago. But remember, last year was a very weak sales year.