For 124 consecutive months, spanning the bottom of the housing crash in March 2012 through the Pandemic Housing Boom's peak in June 2022, U.S. home prices posted positive month-over-month growth. That streak, of course, got broken thanks to last year's mortgage rate shock: Through October, U.S. home prices as measured by Case-Shiller fell for four consecutive months.
On one hand, the 2.4% drop in U.S. home prices through October 2022 remains mild. On the other hand, economists and analysts remain sharply divided on whether this is simply a minor setback for home price growth or the early innings of a sharper correction.
