Even at -5%, it would take over a year.Job openings are at all time highs; so, wage growth should continue, particularly for the bottom 50% of households.Spending estimates by all income levels, but most significantly lower incomes, are at record levels and inflecting higher still.Average tax refunds are higher (due to child tax credit).The data shows that the biggest segment of society is doing better than ever...that's what causes inflation! 

Even Alabama perform better than CA since May 2022.So if we use 2010 to 11/2022, Hawaii is winning over CA in term of appreciation.You could just use Zillow to display this.I guess, things started to change when some CA cities approached 1 or 2 cap rates, there're a few expensive cities where prices just go south as price it's too expensive, especially in 2 mils. dollar house zip code.I guess we're at an inflection point.

They also had an article on the housing inflection point for Oregon, where he argues that prices will soon level off, and won't drop until the next recession due to lower demand.