San Francisco house prices are already falling 30% from peak.
Denver, Austin and Phoenix are all down 20% from their peaks.
It’s real. It’s happening. It’s not “small”.
Everyone in the median home sales volume thread keeps saying “prices aren’t going down,” so here’s the reality. Prices have fallen 12% from their May 2022 peak, returning to June 2021 levels. This is much steeper than the typical seasonal decline and the steepest decline since the depths of the housing crisis.
It also set up the Case-Shiller index, which Robert Shiller won a Nobel Prize for predicting housing collapse, all-time record August’s monthly decline rate is, as you might expect, the first four consecutive months of decline since the GFC.
If you still think there’s no housing bubble, then maybe you should argue with JPow, who yelled at it months ago. Imploding. It is now completely undeniable.
h/t louis vanderwright