The recent news concerning property prices may leave you with more questions than answers, whether you're a homeowner presently or are hoping to become one. Concerns about a recurrence of the price collapse that occurred in 2008 are being raised by news reports regarding dropping housing prices.
Based on those news, one of the issues on many people's thoughts is: how much will home values decline? However, you might be surprised to learn that analysts aren't predicting a price collapse. The biggest percentage of month-over-month price cuts nationwide may actually be behind us, according to the most recent data, and even those numbers didn't represent appreciable drops on a national scale. The query is no longer how much lower they can go but rather, have home values reached their lowest point?
Let's examine the most recent information from multiple reliable industry sources (see the graph below):
The most recent reports from Case-Shiller, the Federal Housing Finance Agency (FHFA), Black Knight, and CoreLogic are shown in the chart above. It displays the month-to-month changes in property values on a countrywide level since January 2022. Numbers for November and December have not yet been released.
Focus on what the red figures are trying to tell us. The published change in home values over the previous four months is represented by the red digits. And if we focus on the past four months alone, the data reveals that August marked the pinnacle for each case of home price decline.
Although it's not a guarantee, it does confirm that home price declines aren't at an all-time low, and it might be an indication that the worst is already behind us. The numbers for November and December will be made public, and data will be able to confirm this national trend even further.
TO SUM IT UP
The last four months have seen the lowest month-on-month decline in home prices on record, but there is a compelling argument that the worst may be over. Let's connect if you have any inquiries concerning the state of the housing market in our area.
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