The current state of the housing market has been a topic of interest for many.
With contrasting reports from mainstream news outlets and financial analysts, it's important to look deeper into the data to understand the reality of the situation.
While CNBC reports that home price declines may be over, it's crucial to consider the full picture.
Looking at the data, it's clear that prices have increased by 2.7% from March 2022 to March 2023.
Additionally, there has been a modest increase in home prices in the past month.
However, this may not necessarily mean that the housing market is out of the woods. It's important to note that the market is currently bifurcated based on regions.
Furthermore, inflation-adjusted prices have steadily declined since late 2019, with a nominal decline in prices over the past year.
When considering the overall trend in combination with a hard landing predicted by the yield curve, prices will likely continue to decline in real terms for the next several years.
It's also important to consider those impacted by the market outside of homeowners.
Renters and those burdened with student debt are finding it increasingly difficult to afford homes, and soaring rent prices only exacerbate the issue.
It's crucial not to discount the reality of the situation and instead look at the data objectively. While the housing market may not crash overnight, the trend is downward, and it's essential to make informed decisions for your finances and consider buying low and selling high in these uncertain times.