“Homeowners may feel rattled when they see their Zestimate drop, and it’s more common in today’s cooler market environment than in recent years. But relatively few are selling at a loss,” said Treh Manhertz

Yeah, few are selling at a loss because nobody is fucking buying. Can’t sell at a loss if nobody can afford to buy.

It makes sense that the most overinflated markets will come back to earth the fastest. San Francisco is also in a deep recession with huge numbers of tech jobs lost. Florida is uninsurable.

I’m surprised that the midwest and northeast aren’t declining at least a little. They didn’t see as big of a pandemic bubble but prices are still up significantly and buyers are paying the same rate as everywhere else.