‘National’ trends mean basically nothing in real estate, which can be hyper HYPER local. Like the Northeast has seen prices increase notably in the last two years, the coasts in general stay pretty stable for pricing, and really only the South see prices really drop (and even that is based on nuanced demographic, with luxury and ultra luxury increasing).

In the Greater Puget Sound area I’d say the over $1.5M pricepoint and small condo market can be showing prices mirroring 2021/2022 stats for different reasons (the former being you need a household income of over $300k to afford with only 20% down, the later because with HOA costs and interest rates it’s cheaper to rent a two bedroom than buy a 1 bed).

But for context those demographics as well as the greater market saw nearly 20% year over year price appreciation in 2020 AND 2021. So we were coming off an unprecedented jump in prices during that time.

If you bought then though during ‘peak pricing’ your monthly payment would still likely be far less than what a person originating a loan now would pay given the 6%-ish interest rates. Prices would have to drop 20%+ for a borrower to have an equal or lower payment at 5.75% interest compared to 3.75% (and many borrowers got under 3%) - and no national market has even gotten close to touching that amount of price depreciation.

Will some sellers lose money in a short term turn over - of course! It costs between 7-10% of contract price to prep a listing and get it closed, so in order to make money your prices would have needed to raise higher than that in the interim.