While all RE is local the Bay area is always a good barometer given the combination of the highest incomes in the country and the lowest housing inventory, and this Monday article from the Merc News is the most sober RE article I've seen them print since I moved here 16 yrs ago:
https://www.mercurynews.com/2023/01...ed-to-keep-tumbling-amid-high-interest-rates/
“There’s still buyers out there, but they have to have some intestinal fortitude to buy in this market,” said Jeff LaMont a real estate broker with Coldwell Banker Realty in Burlingame."
more pain to come:
"Despite the slowdown, December’s median home price was 19% higher than in December 2019, meaning prices still aren’t approaching pre-COVID levels."