Correct, although I think this is potentially a little misleading for two reasons. First, housing prices didn't start to feel the effects of higher interest rates until May or June of 2022. Decking Second, and this one is anecdotal, I live in one of these orange counties and the types of houses being listed have also changed in the last year. There's fewer people listing there 80-year-old craftsman houses, and a higher proportion of brand new McMansions on the market, but the total number of units is way down.

Edit: Speech-to-text somehow turned "second" into "decking".