Home Prices Are Slightly Lower, But Far From Plumetting
As rates spiked and sales contracted at the fastest pace in decades last year, we knew the post-pandemic surge in home prices was set to reverse. By the middle of 2022, the average forecast saw the annual pace of home price appreciation falling back toward historic norms with prices losing a bit of ground on a monthly basis. That is exactly what has been happening.
Both the FHFA and S&P Case Shiller publish home price indices (HPIs) each month. There's a bit of a lag in the data (today's is for the month of November), but collectively, they're considered the most official record of home price changes.
Case Shiller's index focuses on 20 major metro areas. As such, it tends to be more volatile--zooming to the higher highs and lower lows than the more stable FHFA version. Case
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