Useless without also stating the number of homes for sale and length of time they are listed.
The lede is deeply buried.
It’s an inventory issue, not a demand issue. Sure mortgage rates are high, but plenty who can afford at those rates. Still multiple offers per home, just not enough homes to bid on…
This will be an issue for a very long time, as no one with a sub 5% mortgage should really be considering selling based on only the inflation of the previous two years.
It’s unlikely these mortgage holders will be willing to sell anytime in the next 8 years, so with out an increase in stock, don’t expect prices to drop.
The neighborhoods I look at flatlined at the top and haven’t seen prices come down.