Fortunately most of our markets were not overbuilt with too many speculative new homes. For the most part we are seeing normal balanced markets today with a few submarkets of oversupply. Without question there are fewer buyers in the market than a year ago but fortunately we currently don’t have an oversupply in inventory. In many submarkets prices are down a little (often to 2014 levels) but some pockets have remained surprisingly resiliant where there is low inventory.
I pulled a historical look at Memorial (MLS area 23) through the last recession. We saw individual values in Memorial fall up to 20-30% during those years even as the total averages dropped less dramatically. Of note is that it took 4 years for prices to recover previous highs and the last few years have been extradordinary. Also interesting to note is the number of homes closed in 2015 was about the same as 2009. Volume is down, we are fortunate that inventory has remained low.