Starting in June 2022, there was a cooling of housing prices. Now, housing inflation seems to be at more normal levels.
For the first time in 11 years, a monthly measure of housing prices showed a year-over-year decrease in April 2023. The data released Tuesday showed that the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index dropped 0.2% compared to a year earlier.
The index, however, has noted small increases over the last three months after housing prices dropped for the last half of 2022. The rates have remained high to combat high inflation, which also peaked in June at 9.2%. It has since returned to a more modest 4%, closer to the Fed's goal of 2%.
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