Submitted by Kindly_Boysenberry_7 t3_yfumj3 in rva
Real-Refrigerator466 t1_iu6lsm0 wrote
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.
Charlesinrichmond t1_iua0lei wrote
5-10% is totally believable, and used to be downright normal. Also puts us only back to may of 2022 pricing or something ridiculous
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