Good? With the prices still high and interest up it’s the worst time to buy a house in decades. A price dip would do first time home buyers a lot of good.
The theoretical minimum for the housing market is 80% off peak, because the median down payment is 20%. Where I live houses are already down over 20% and variable rate mortgage triggers are just starting to fire. I could see us approaching more like 40-50% off peak if the FED/BOC/BOE continue to hike.
I'm not entirely convinced that the Fed will finish its rate hiking program. You have multiple members of the Fed jawboning about lowering the size of the hikes (Brainard comes to mind), and there's no way in hell politicians will let another 2008 real estate crisis happen again.