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Typical U.S. Home Value Sees Small Decline
Dated: October 20 2022
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Home values have been rising steadily for years now. The pandemic caused them to accelerate, but it’s not as though they started increasing just two years ago. In fact, according to one monthly measure, there hasn’t been a month when they haven’t increased since 2012. There were times when the increases would slow, but no month in the past ten years saw the typical home value decline month over month. It did in July, though, falling 0.1 percent from the month before. According to the numbers, the typical home now costs $357,107 – $366 less than it did in June. The improvement was slight but still encouraging for buyers shopping for homes in a tight market. It also follows a trend. The typical home value has slowed for a few months after peaking in April. Month-over-month growth was near 2 percent earlier in the year and had slowed to 0.8 percent by June. It’s just another sign that the market is rebalancing, with buyer demand slower than before and the number of available homes rising.
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