19 are below their 2022 peaks: Austin -20%, San Francisco -10%, Phoenix -8%, San Antonio -7%, Denver -7%, Sacramento -6%, Salt Lake City -6%, Portland -5%, Dallas -5%, Seattle -5%, Honolulu -4%…

Sky-high prices, today’s mortgage rates, property taxes on those sky-high prices, and spiking homeowners’ insurance costs create a peculiar situation that more and more people are taking advantage of.

Lennar’s incentives jumped to $48,100 per house, prices -5.8%. Builders take share from existing houses where demand wilted because prices are too high

Because prices are way too high. Buyers’ Strike deepened even with mortgage rates at 2-year lows at the time. But rates have spiked since then.

Too-high prices destroy demand. Everyone knows that. Lower prices would bring out demand.