How Much Did Home Prices Cool Last Year?

Dated: March 2 2023

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How Much Did Home Prices Cool Last Year?

 

In 2021, home prices set a record. According to the S&P Case-Shiller Home Price Indices, they were nearly 19 percent higher than the previous year. That was the most significant annual home price gain in the 35-history of the S&P index. Last year, though, prices slowed considerably, and with S&P's latest release, we know just how much. The index found that, after peaking in June, home prices ended the year up 5.8 percent from the previous year.

 

Craig J. Lazzara, managing director at S&P, says prices started cooling halfway through 2022. "The cooling in home prices that began in June 2022 continued through year-end, as December marked the sixth consecutive month of declines for our National Composite Index," Lazzara said. "For 2022 as a whole, the National Composite rose by 5.8 percent, the 15th best performance in our 35-year history, although well below 2021's record-setting gain." Depending on where the economy and mortgage rates head from here, Lazzara said prices could continue their cooling trend this year.

 

The MikeDowner.com website is the most comprehensive online source for Southwest Florida real estate information and services. Whether looking for the latest sales, trends, or homes for sale in Collier County and Lee County in Florida, Mike Downer and Coldwell Banker Realty have it all at your fingertips. Browse information regarding new listings, price changes, short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida at www.MikeDowner.com or call Mike at 239-722-6453.

 

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Michael Downer

Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....

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