Contra Costa Housing: Over 1.2 mil on decline

The current seasonal decline of the overall inventory level in Alameda and Contra Costa counties. What's news worthy, yet no one's heeding, is the decline of the number of daily new listings over $1.2 millions, relative to the overall number of new listings. Comparing to the same month a year ago, the number of high-end new listings in December declined more than 1%, from 5.79% to 4.68%. That's a significant deviation. So, what's the implication to the housing market as well as the overall economy?