A 27% shaving off an unrealistic asking price to begin with isn’t a useful metric of market pricing action.

I believe the posting from a realtor who estimated 60% of inventory is overpriced and these sellers are not serious but will sell if someone offers them their inflated price. Others on this forum predict a large inventory drop after summer as these sellers allow their listings to expire and give up.

I’m going with history on my side. I don’t believe the upcoming r/e downturn “will be different this time”, ie massive price declines.