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Home prices in the United States have fallen for six consecutive months, according to new data from Case-Shiller. Since reaching their peak in July of last year, prices have fallen steadily, dropping by 4.4%. If you’re a buyer watching this video, I already know what you’re thinking. Given how much prices have increased since 2020, a 4.4% discount is peanuts.
The predicted crash has not materialized. Let’s run through an example to illustrate this reality.
If you were looking at a $300,000 home at the beginning of 2020, its value would have increased to $435,000 by the summer of 2022, according to the Case-Shiller index. That being said, even with the recent drop in prices, we are still quite a distance from those pre-pandemic levels that everyone can remember. However, depending on your perspective, the news may be good or bad.
Although this drop may seem insignificant at first glance, there is solid evidence to suggest otherwise. You see, drops in home value are extremely uncommon. Since 1987, there have been only three periods of six consecutive monthly declines.
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