Home Prices Are Not Falling
In late 2022, some experts said home prices would crash in 2023. That made a lot of people worried about the strength of the residential real estate market. If you’re one of them, here's what you should understand.
Home Prices Never Crashed
Disregard what you saw in the headlines. The actual data shows home prices were remarkably resilient and performed far better than the media would have you believe (see graph below):
Percent Change in Home Values
Month-Over- Month
Case-Shiller
2
1.9
1.6
1.6
1.3
0.9
0.7
0.7
0.7
0.6
0.5
0.4
0.4
0.2
-0.2
-0.2
-0.3
-0.3
-0.3
-0.9
-0.8
Freddie Mac
1.6
1.4
1.4
1.4
0.8
0.8
0.7
0.7
0.7
0.5
0.3
0.3
0.3
0.3
0.1
-0.2
-0.2
-0.2
-0.3
-0.5
-0.8
3.3
CoreLogic
2.6
2.2
1.8
1.6
1.4
1.2
0.9
0.8
0.6
0.5
0.4
0.4
0.3
-0.3 -0.7 -0.5 -0.1 -0.2 -0.4 -0.2 Jul Aug Sep Oct Nov Dec Jan Feb Mar '23
Apr May Jun
Apr May Jun
Jul
Aug Sep
Jan Feb Mar '22
This graph uses reports from three trusted sources to clearly illustrate prices have already rebounded after experiencing only slight declines nationally. That’s a far cry from the crash so many articles called for.
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