20% decline from crazy peak. If you’re the lucky few to sold and rented this past Spring, then you booked the gain and will reap the reward of the decline. However, for most people who didn’t sell, the nominal price is still higher than it was this time last year. So, we only wipe out the abnormal gain.

Now, if you’re a first-time home buyer who started looking a year ago, it’s a lot more expensive to buy now than it did this time last year and even spring of this year (due to rates, although haven’t run the exact numbers.

Unless rates crash back to where they were this time last year, prices would have to crash another 30-40% just to get back to the same PITI.