Looking at a property at a local market.?

In what sense is there is a real property market? How perfect is the market in registering changes in demand and supply of the same kind of the property by means of change in a common price?How does the market function through price changes to bring the demand and suppy into equilibrium?Looking at a property at a local market.?
Can you run this by me again in plain English?Looking at a property at a local market.?
Is this homework?

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