Are home prices plunging yet in your city?

[AviationGuy]

Originally Posted by bossabreezes

Sign of incoming decline.

My realtor is seeing better traffic in my neighborhood in the last few weeks. The slowing of price growth in very good properties, and decline in prices in not-so-good properties, is attracting buyers. The demand is still out there, as Kevin mentioned.

[TWAK]

Originally Posted by bossabreezes

Sign of incoming decline.

California needs about 1 million new houses according to this article, so as soon as somebody leaves to another state their house gets snatched up and doesn't help the problem.
No decline here.
Supply and demand.

CNN

[tdawg]

Is it really a sign of incoming decline or just that higher interest rates are being offset by lower sale prices so we're seeing more of a moderation? I don't own real estate so I'm just generally curious if that's how the market works.

[iheartthed]

Originally Posted by tdawg

Is it really a sign of incoming decline or just that higher interest rates are being offset by lower sale prices so we're seeing more of a moderation? I don't own real estate so I'm just generally curious if that's how the market works.

There has to be a price decline if the interest rates stay high for a prolonged period of time. For people who are taking out mortgages, their buying power got cut in half in about a six month period.