4 ms·

This. House prices (MSPUS) have been dropping steadily since early 2022 as a result.

• antisthenes 2y ago
  Not really. House price changes are lagging after rate cuts by about a year. Only since the 2nd half of 2023 do I see some listings have very minor price cuts and stay on the market slightly longer. Housing prices need to fall ~10% across the board before we can say the rate increases had a measurable effect. Source: I'm looking for a countryside property and scrape Redfin for a few thousand listings every day.
  • matthewdgreen 2y ago
    Housing supply is extremely constrained right now. It’s weird given that prices are so high, you’d think demand would create some more supply.
  • cableshaft 2y ago
    Yeah Zillow's estimate for my house worth only went down for a short while, and not by much. It's now going back up again (up 3% just this past month). It still thinks the house is worth 60% more than when I bought it 5 years ago. Granted this will be different depending on where you live. This chart for the median sales price of homes sold in the US[1] seems to think it's still trending slightly downward. [1]: https://fred.stlouisfed.org/series/MSPUS https://fred.stlouisfed.org/series/MSPUS