I like the San Deigo year over year historical appreciation chart. It’s all nominal pricing, but what it shows is that from 1991 to 1997, prices decreased approximately 5% or less annually with a couple dead cat bounces.
Buyer and investor psychology will be dramatically different if we have substantial quick nominal falls hitting double digits. A 3, 4 or even 5% “pull-back” is a “buying opportunity” when it gets above and hits the psychological 10%, it’s a problem that can’t easily be soft-sold.
