If one word describes the U.S. housing market right now, it would be “fine.” That’s the assessment of the residential building data provider Zonda.

“Traffic is low, and buyers lack any sense of urgency, but reasonable conversion rates show that serious buyers are still out and about,” said Ali Wolf, chief economist at Zonda.

In its latest market rating, however, Zonda downgraded the market from “slightly outperforming” to “average.” That ranking is a measurement of the performance of the housing market based on the pace of new home sales adjusted for supply.  

In technical terms, the index was at 103.7 in January, indicating an average market. Among the factors, the company noted a 11.3% decline in the annual sales rate of new homes in January. Also, Zonda’s new home pending sales index saw a 16.2 percentage point decline from a year ago.

Price trends were mixed, however, with the price of move-up and high-end homes ticking up slightly, while the price of entry-level homes declining.