A reality check continues to hit sellers in the once-strong markets such as Boise, Sacramento, parts of Utah, and other mid-sized western markets are increasingly seeing prices falling.
Migration spurred by the pandemic was the general reason for rising prices in those markets, competing with locals for a limited supply of homes, but that impetus has softened.
They must adjust their expectations as they realize many buyers can no longer afford the type of home they could before mortgage rates shot up recently, Redfin reported.
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