A lot of us who could buy a house are saying “hell no” at these prices and waiting until a lot of the air is let out of that balloon. We’ve seen house prices increase 50% in just two years in this market. Its insane.
Its not just prices.
In NYS it’s confiscatory property taxes.
You may be waiting (forever) for a lot of air to come out. Record low inventory and the best purchasing class of home buyers in the last 2.5 years (minimal foreclosures coming). I do think you may see some declines in areas with a ton of second homes but places largely primary occupied or rentals, extremely unlikely. The growth pace will slow down which is good but should continue to grow nationally.