I agree that it probably propped up the low end more than the high end. 8k is a much bigger deal for a 200k house than a 800k house. I don’t think $20k is reasonable. A buyer who is considering a home worth 400k before the tax credit isn’t going to pay 420k + 8k cash. The average buyer probably wants to feel like they are getting something out of the deal beyond time value of money.
I’m guessing the high end saw about a $6-8k boost, and the low end $8-10k. It’s tough, because you almost have to assume all buyers are rational, and the bubble taught us that the opposite is often true in real estate.
