Even larger than during the COVID lockdown. Much larger than during the 2008 housing crash.
It is amazing the price increase since COVID vs. a more normal price increase in the period before COVID. Even if prices drop 20%, the price appreciation is still way over normal.
The percentage of sales for first-time buyers is at the lowest level they have ever seen, according to the National Association of Realtors. High home prices combined with high mortgage rates are making it very difficult for first-time buyers, so it is not surprising they are being held back from making a purchase.