Home Prices Are Rebounding
Today’s headlines are making things look worse than they are. If we take a year-over-year view, home prices did drop some, but that’s because we’re comparing to a very unusual year in the housing market. To avoid an unfair comparison to that previous peak, we need to look at monthly data. And that tells a very different and much more positive story. The graphs below use recent monthly reports from three sources to show the worst home price declines are already behind us, and prices are appreciating nationally. If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear the worst is yet to come. Local home price trends still vary by market, but here’s what the national data tells us.
Percent Change in Home Values Month-Over-Month
1.9 2
1.6
1.6
1.3
Case-Shiller
0.5 0.7 0.7
0.4
0.2 0.4
-0.2 -0.3 -0.3 -0.2
-0.3
-0.9 -0.8
1.6 1.9 1.5 1.6
FHFA
1.2
0.5 0.6 0.7 0.7 0.3
0.1
0.1 0
0.1
-0.1 -0.3
3.3
-0.6 -0.7
2.6
2.2
1.8
1.6 1.2
1.6
1.4
0.9
0.8
0.6
CoreLogic
-0.3 -0.7 -0.5 -0.1 -0.2 -0.4 -0.2
Jan '22 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan '23
Feb Mar Apr May June
11
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