After a record-breaking run that saw mortgage rates plunge to all-time lows and home prices soar to new highs, the U.S. housing market finally started slowing in late 2022. Mortgage companies engaged in mass layoffs, real estate economists lamented a “housing recession” and home prices seemed poised for a correction.
But a strange thing happened on the way to the housing crash: Home values started rising again. In fact, housing prices have increased for three months in a row, according to the latest Case-Shiller home price index.
“The U.S. housing market continued to strengthen in April 2023,” Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in a June 27 statement about the latest Case-Shiller reading. “Home prices peaked in June 2022, declined until January 2023, and then began to recover.”
