COVID Housing Market Correction?

[Bryan K.]

Seeking local real estate professionals' expertise - have you seen any meaningful price corrections in your markets? I have casually browsed a few and lo and behold housing prices have remained largely stable. I can understand the rationale for certain markets ie LA, NY, Seattle, etc. However, Vegas properties staying stable? That's baffling as layoffs/unemployment came hard and fast. Surely defaults must have risen. Disclosure the properties I have been viewing are >$400K and the price corrections could be concentrated in the low income housing segment. Thoughts and views?

[Russell Brazil]

Real estate, like any asset or good, is priced by supply and demand. It is that simple. Has demand dropped? Yes. But so has supply. If inventory, and the supply side are low, proces will remain stable.