There was a thing mentioned in the ongoing wolfstreet research on mid-tier housing:

[..] prices had exploded in these cities in the two years between mid-2020 and mid-2022, including in Austin (+62%), Phoenix (+60%), Fort Worth (+50%), Raleigh (+49%), and Sacramento (+39%). This home price explosion came on top of already high prices.

The home price explosion was caused by the Fed’s reckless monetary policies, which included trillions of dollars of purchases of Treasury securities and mortgage-backed securities (MBS), with newly created money, which produced the below-3% mortgage rates, even as inflation was surging at the time toward 9%. Americans responded with off-the-chart FOMO buying behavior at the time. The FOMO was about mortgage rates, and people trampled all over each other and bid up prices in order to buy a home to lock in these mortgages.

In cities where prices have dropped from those peaks, these buyers now have below 3% mortgages on homes who prices have dropped, and they’re fine as long as they stay put.

Careful. Direction and level aren't the same thing.

👀 deflation!