Not surprising. They will continue to decline. No I don't think they will crash but certain cities will get hit much harder because they had much higher appreciation over the past few years and most things come back to some type of mean.
One thing that is clear living in Mexico is the resilience of real-estate prices here over the long haul. Annual growth rate, Q2 2025: 8.7%. Long-term average growth rate: 10% (March 2006 to September 2025). Of course, markets vary locally, but boom-and-bust is certainly NOT the norm.