There was another article a couple of days ago talking about how spending wasn’t down as much as they had been expecting. I wonder if this is part of the same kind of phenomenon.
As far as I can tell - at least in my area - home prices haven’t fallen but there’s fewer houses on the market. They’ve flattened out, but haven’t really come down. I don’t know if it’s a supply contraction keeping the prices up (because few people are willing to trade their 3% mortgages for 8%) or if there’s just enough demand and people are buying less house with the intention of refinancing.