We've had a significant drop in year over year price increases, but still positive. This has been expected. We expected to see growth, but at a rate that was far slower. The article below is a composite that reflects a 15.8% year over year increase which is still nearly unbelievable growth outside of the context of the pandemic and the associated stimulus. I believe the height of year over year growth was just over 20%.
This change is what the fed has been targeting. Again, because of exceptionally strict lending guidelines that were put in place as a result of the recession, there is significant equity in homes and people are very employed. This data is a solid reflection of the fed getting the results they've been working for with higher interest rates. It's also a good demonstration of what we've been expecting in the industry which is continued growth, but not at the high speed chase rate that we've been experiencing. Mind you, what we've experienced over the course of the last two years has been one for the record books.
For more information, check out the link below:
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