For single-family homes, the average price dropped $30,000 in June 2022. We experienced a similar drop in October 2020 and thought it was a market correction. Then, over the course of 19 months, the average price of single-family homes increased by more than $100,000. Good news: the inventory of homes has increased slightly for 3 months in a row.
As a listing agent, I'm experiencing slightly longer pending times and clients are no longer able to pick their price. What has taken days to sell is taking weeks. As a buyer's agent, sellers are more inclined to negotiate repairs, price, etc.
For those waiting for a crash or a bubble to pop... I'm not sure that's happening. I think we're headed into a healthier market with a little more inventory.