Today, in the Calculated Risk Real Estate Newsletter: Current State of the Housing Market

A brief excerpt:

This is a market overview. There are clear signs of a market shift. A few quotes:

From Denver Metro Association of Realtors® “modest numbers this month became a sign that the market has returned to a semblance of ‘normal.’”

From Las Vegas: “The slowdown in sales and increase in our housing supply are signs that things may be starting to calm down a bit.” [LVR President Brandon] Roberts

From Seattle area: Mike Larson, a member of the board of directors at Northwest Multiple Listing Service described the market as "more balanced and not so crazy”.
…
We have to be patient waiting to see the impact on house prices of the slowdown in sales due to the significant data lags. Meanwhile, Altos Research CEO Mike Simonsen noted this week that “prices reductions” are the story right now.

Note the dark red line on the graph below. The percent of recent price reductions is still below normal for this time of year but increasing quicky – and it is well above last year at this time, and also above the level in 2020. This is an early indicator of the coming slowdown in house price growth.Mike Simonsen tweeted: Price reductions!

"That’s the story of the US real estate market now.

While still fewer than normal, more sellers are cutting prices every day."

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/