In the wake of the pandemic, the housing market surged to unprecedented levels, with annual home sales exceeding 6 million units nationwide and 11,000 locally. The last comparable boom occurred in 2005-2006, just before the Great Recession. This time, just like before, sales volume followed its spike with a crash to around 4 million nationally and 6,000 locally. And housing prices, like last time, continue to rise despite the sharp drop in sales volume. The similarities end there, unlike 2008, when the market collapse led to a deep recession, the economy remained strong through the end of 2024. Demand for housing, measured by total sales volume and price, peaked in the Valley in September 2021 despite the significant slowdown in the sales volume due to rapid rise in prices. Sales volume continued to drop through 2023, prices however, continued their rise albeit at a more moderate pace than before.