San Francisco residence costs have already fallen 30% from peak.
Denver, Austin, and Phoenix are all pushing 20% drops from peak.
It’s actual. It’s occurring. It’s not “small”.
Since everybody within the median residence gross sales quantity thread retains saying “costs aren’t dropping” right here’s the fact: they’re. Costs have dropped 12% since their Might 2022 peak and have returned to June 2021 ranges. That is a lot sharper than the standard seasonal dip and the steepest drop because the depths of the housing disaster.
Additionally the Case-Shiller index, for which Robert Shiller gained a fucking Nobel Prize for predicting the housing bust, set and all time document for month/month drop in August and is now down 4 months in a row for, you guessed it, the primary time because the GFC.
In the event you nonetheless suppose there isn’t any housing bubble, perhaps you must argue with JPow who fucking known as it out a pair months in the past. It’s actual. It’s imploding. It’s now fully plain.
h/t Louisvanderwright