It's clearly a market mix issue. Expensive homes are not selling as fast as inexpensive homes.
Demand is still very strong out there. The people who want to buy homes still outnumber the people who want to sell.
It's not that it's a particularly active market. It's just that more homes are in that category because of that rise in the rate of appreciation.
I don't think they're less cautious. But they've just understood that they can sell more. There's just continued strong demand for homes, and the builders are trying to build homes that will sell.