I am seeing 20% decline in 3rd tier areas such as Mountain House etc. In 2nd tier places like San Jose, Santa Clara, etc. I am seeing 10% decline. In top tier like PA, MP, LA, maybe 5-10% decline. I expect price decline to be proportional to the price rise in pandemic era but I doubt prices will fall to the pre pandemic level as that would imply another 20% drop in third tier places like Mountain House and another 10% in 2nd tier and another 5% in top tier. But who knows, if Fed stays course then it may.
Having said that homes are selling for below listing now versus 20% overbidding just 6 months ago, and inventory is rapidly rising, meaning good time for buyers coming back.
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