This is not accurate. Prices in, for example, MA are still wildly inflated and do not show signs of weakening, even out away from the cities. When MA prices drop to where a 1700sq ft house goes for under 200,000, then I’ll concede that prices are falling.
“Prices in, for example, MA are still wildly inflated and do not show signs of weakening, even out away from the cities.”
It seemed that was the case here in NJ, but the homes with high prices simply remained unsold (the owners were in no hurry, and thought they’d get “September 10th pricing”, so to speak). Houses that were sold were sold at much lower prices; the property tax situation in NJ practically guarantees that you can’t make money on a house without a major investment of time & money upgrading it.