Home Price Appreciation Slows Year Over Year
Home prices have been climbing for a long time. In fact, prices began increasing just a few years after the housing crash in 2008. But according to a new analysis from the American Enterprise Institute's Housing Center, the price boom that began over 10 years ago may have finally ended. The analysis found that home price appreciation was up 6.7 percent year-over-year in November. That is a smaller increase than in October when prices were up 8.6 percent year-over-year. It is also much lower than in March 2022 when prices were 18.3 percent higher than year-before levels.
In other words, home prices have softened significantly from their post-pandemic peak reached last spring. How much they have softened, though, depends on several factors. Location is one. For example, homes on the west coast have seen sharper declines than other areas of the country. It also depends on the price tier, with high-end homes seeing bigger declines than more affordable homes.