In the second half of last year, the U.S. housing market slipped into the first price correction since the housing bust bottomed out in 2012. Through January, national home prices as measured by Case-Shiller have fallen 3% on a seasonally adjusted basis—or 5.1% without seasonal adjustment—since the June 2022 peak.
Out West, the correction was particularly sharp as markets like Phoenix and Seattle saw home prices fall 10.4% and 16.3%, respectively, from their peak. In the eastern half of the country, the correction is much milder as some regional housing markets, including Cleveland, saw prices decline by less than 1% since the peak.
