Does anyone see house prices are getting dropped in NJ?

[Leo Poon]

Hi BPers, after waking up from the megamillion lottery dream. It's time to get back to RE investing. I've been following the house prices in Essex County, Union County, and Middlesex County. I see the prices have dropped anywhere from 5% to 20%. I know part of it was an increase of interest rate, but I think it is more of a market speculation where most people believe the market is inflated at the moment and wait for an adjustment. If it were a few sellers who hope to cash in their properties as quickly as possible, then it would be certain properties are dropping prices, but I see a house price drop in general in these counties. Any RE agents who specialize in those county care to share your thoughts?