The housing boom that accompanied the epidemic has now ran out of steam.
The number of people buying houses is decreasing. The amount of inventory on hand is increasing.
And, for the first time since 2019, property sellers are slashing list prices at an unprecedented rate.
This Great Deceleration is more than just a seasonal slowdown.
Borrowers are being strained to breaking point as a result of the economic shock of rising mortgage rates, which hasn't happened since 2006.
That's why, in April and May, house buyers ultimately balked at record home prices.