A writer for the Kansas City Star compares his housing market to California's. "There’s nothing like a quick trip to la-la land to reset your calibrations on the real estate market. After hearing some of the chatter about California real estate, I was more thankful than ever to live in the heartland."

"Within the span of 24 hours, I heard the following stories: An established resident of San Francisco, who just happened to be raised in Rolla, Mo., went on about how his 1,400-square-foot home, less than two-thirds the size of my home, was in fact worth more than three times mine. The reason, he explained with supreme confidence, is the fact that housing supply is so tight, as if the nation’s housing supply stops at the western slope of the Sierra Nevadas. I suggested that he should get home to Rolla a little more often."

"I was told about a sobering story in the San Francisco Chronicle detailing the prevalence of interest-only mortgages in that market. The newspaper reported that nearly 70 percent of Bay Area home buyers last year used interest-only mortgages to obtain their homes, up from just 18 percent in 2002."

"A recent transferee to Los Angeles, who commutes 90 minutes one way in rush-hour traffic, explained why he’s a renter and not a buyer. His rent is roughly 60 percent of what it would take to buy a similar house, and he’s just waiting for the bubble to pop. Smart guy."

"My point is that coastal real estate markets really are much bubblier than in these parts. It’s something to keep in mind as we sift through the local numbers. But make no mistake, folks. We’re increasingly in a buyers’ market right here in Kansas City."

"In February, for example, the inventory of unsold new homes in the area stood at 5,488, up 9.6 percent from a year earlier. During the month, there were 476 new homes sold, down 2.2 percent from a year earlier. As a result, there was 11.2 months of inventory at the current sales pace, up from 10.3 months a year earlier."

"'It was a similar story when it came to existing homes. In February, the inventory of unsold existing homes stood at 12,578, up 31 percent from a year earlier. Existing home sales totaled 1,712 during the month, up 1.7 percent from a year earlier. In February, there was 7.3 months of inventory at the current sales pace, up from 5.7 months a year earlier."

"It would appear that the inventory buildup is beginning to restrain sales price growth in the area. In February, the average new home sales price was $267,173, up a modest 2.3 percent from a year earlier. The average existing home price, meanwhile, stood at $147,795, virtually unchanged from a year earlier."

"The message in the numbers is clear. We’re in a buyers’ market, which is defined by the industry as having more than six months of inventory on the market. Don’t expect the sort of knee-knocking market tremors that seem likely in California. But this is shaping up as a year of adjustment in the long-booming housing industry, even here on the home sod."