I doubt it. Had a friend try and get into a house last month. Things had cooled off. Was listed at 1.1 and they offered .8. Offer accepted, then they got cold feet and backed out. It just sold for .95. They feel like idiots.
Prices cooled for a bit. I think that’s done. Its going to be very market specific, but in markets that are suffering any kinds of climate related loss of structures (California, Oregon, Washington, Florida, Hawaii), don’t expect any significant reductions in home price. Now what happens in the insurance markets as a biproduct of new legislation and how that effects both rates and availability, that’s whole separate ball game. But as far as the desirable areas of the country, I think that dip we saw was pretty much it. Expect no more rate hikes after then next 8-12 months. Wages will be gobbling up their portions of inflation as things smooth out from the preposterous amount of money injected into the system during covid. I would expect homes to be up 30-50% over the next 4-10 years. The only thing I think that could prevent that is a collapse of the insurance markets, which, does look possible in California.