Note. August 2022 data is the latest available from Case-Shiller as I write this on October 25, 2022. The data is a 3-month moving average so what they call August is really the June-August average.
Real, Inflation-Adjusted House Prices Lower than a Year Ago in 4 Metros.
Price Momentum is Negative in 16 Cities. Prices increased more slowly in the last 12 months than during the previous 12 months in 16 of the 20 cities covered by Case-Shiller.
I think I see a trend.
Recent price falls are steeper than after the S&L bust and the 2000s bust.
With a $1,000 monthly payment, you can only borrow $80,000 LESS than you could last January.
The real, inflation-adjusted mortgage payment price of houses in August was higher than at the peak in 2006. It’s not shown here but we know house prices have fallen since August but interest rates have increased since August.
Note. You can find interactive versions of these charts here.
Despite the reversal of price increase trend, prices remain very high in cities like Phoenix (still up by 17%), etc, where they are now comparable to early 2021.