Recently saw a nice, new, single story 2300sf house in a hot metro-Atlanta sales area with a $390K asking price, been on the market for 8 days. Six months ago it would have had probably 20 offers at $430K or higher within the first 2 or 3 days. So maybe things are cooling down.
Cooling way down in the 500k+ price range. At 250k-500k people still need houses and will pay a lot of money either to landlords or banks for the privilege of a roof. At below 250k buying at 5%-7% rates is cheaper than renting (excluding local taxes in some cases). The actual demand for the instrument will drive rates back to 4%, that for first time buyers affordable. Second Houses and Trading up will be almost twice as expensive as it was in 2018 unless prices fall and property tax assessments also fall by 30-50%
It is great that so many new voters are learning the consequences of free government money and the lies of treasury and central bankers about inflation are clear.