Eagle County's residential real estate market underwent significant changes in the past year. The first quarter saw a continuation of the hyper-activity that was observed in 2020 and 2021, but the market saw a shift beginning in June as inflation and interest rate increases impacted sales. As a result, the dollar volume of sales in the market declined by 24% and the number of units sold declined by 30% compared to the previous year. This decline was particularly noticeable in local and bedroom communities, which are historically more sensitive to changes in interest rates.