Re:Home Prices Fell in October for Fourth Straight Month
by burlesona on Thursday January 05, 2023 @06:56PM
(#34268824)
From what I've seen first-hand, the market dropped a bit in August, September, and October, but it got worse in November and December. I expect that we'll see a more significant correction in the months ahead.
It's also worth noting that figures like this are reported against a national average, which somewhat obscures the much larger movements in specific markets. I think a lot of cities like Austin, Nashville, Denver, Northern Idaho, etc. that saw huge spikes recently are discovering that COVID really pulled forward years of housing / relocation demand, and as a result there's a good chance that demand will be significantly lower for the next few years.
It's also worth noting that figures like this are reported against a national average, which somewhat obscures the much larger movements in specific markets. I think a lot of cities like Austin, Nashville, Denver, Northern Idaho, etc. that saw huge spikes recently are discovering that COVID really pulled forward years of housing / relocation demand, and as a result there's a good chance that demand will be significantly lower for the next few years.