This is YoY Q1 for NYC. I’d be curious whether this holds for the first half of the year. Likely no. Bay Area prices are also expected to fall due to market volatility.

I think the reason for this is pretty intuitive: more expensive (NYC/Bay Area) homes are purchased by high income people. And higher incomes are more affected by the stock market because high comps are composed of higher % stock. Someone making 200k might have 20% stock. Someone making 600k might have 50% stock. So a 10% drop in stock market costs the first person 2% of their comp and the second person 5% of their comp.