US housing market goes into a full correction as new home sales are down 19% in May, the lowest since April 2020

A "housing correction" is the end of the housing demand and the beginning of a period where home prices will fall in some regional markets.
In the coming 12 months, home price growth is expected to be 0%, which will be the worst 12-month stretch since 2012 and will come as a major blow to real estate agents and brokers.
In the nation's biggest 392 housing markets, 96% of home prices are overvalued, relative to what local incomes can support.
Among those 392 markets, 149 markets are overvalued by 25%, including Boise, where home prices are 73% higher.

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