National median sales price for single family homes hit peak this June at ~17% YOY.
They have been declining month over month for several months, currently down 8% from the peak.
That's a 35k drop in 3-4 months according to redfin data.
Point to note, this allows salespersons to say that home prices are "going up this year" in the sense that YOY price is still currently positive - until and unless it's not. They are not meaning that if you buy now that your home will appreciate between now and end of year, as that was not the case for anyone buying around June.
Real-Refrigerator466 t1_iu6lsm0 wrote
Reply to RVA Real Estate AMA - "What The H*ll Is Happening?" Edition by Kindly_Boysenberry_7
National median sales price for single family homes hit peak this June at ~17% YOY.
They have been declining month over month for several months, currently down 8% from the peak.
That's a 35k drop in 3-4 months according to redfin data.
Point to note, this allows salespersons to say that home prices are "going up this year" in the sense that YOY price is still currently positive - until and unless it's not. They are not meaning that if you buy now that your home will appreciate between now and end of year, as that was not the case for anyone buying around June.
Land prices falling nationally 5-10%
https://twitter.com/rickpalaciosjr/status/1585680442463690753?s=46&t=HMMF6XB1hN-Obqhc08f60w
Major banks all projecting decline in home prices through 2023 of 5-10%
https://www.deseret.com/utah/2022/10/11/23397389/housing-market-predictions-2023-crash-bubble-recession?_true
Make of this data what you will.