San Francisco home prices have already fallen 30% from peak.
Denver, Austin, and Phoenix are all pushing 20% drops from peak.
It’s real. It’s happening. It’s not “small”.
Since everyone in the median home sales volume thread keeps saying “prices aren’t dropping” here’s the reality: they are. Prices have dropped 12% since their May 2022 peak and have returned to June 2021 levels. This is much sharper than the typical seasonal dip and the steepest drop since the depths of the housing crisis.
Also the Case-Shiller index, for which Robert Shiller won a fucking Nobel Prize for predicting the housing bust, set and all time record for month/month drop in August and is now down four months in a row for, you guessed it, the first time since the GFC.
If you still think there is no housing bubble, maybe you should argue with JPow who fucking called it out a couple months ago. It’s real. It’s imploding. It’s now completely undeniable.
h/t Louisvanderwright