Comparing Price Changes to Years Past
How I track what’s happening in the market by looking at price changes.
I have covered quite a few of the factors make the housing market change, but one that I think is very important to not overlook is the numbers of price changes. I’ve compared this year's data to the past five years, and it illuminates what is happening to the housing market and where it’s going.
The most recent data for July 2022 shows over 2,300 price changes (or in this case, price decreases). To put that into context, that’s up 70% from July of last year, 20% from June of this year, and 90% from May of this year. Those are big jumps!
"The market is going through a normalization."
With that said, we are going through the normal cycle for this time of year when price changes normally increase. This year's flow closely follows that of 2017, 2018, and 2019 thus far, when things were more normal. That is why we want current and prospective sellers to know the market is going through a normalization.
We’ll have to wait and see how much further the market will normalize, but remember these past few years have not been typical, and the pandemic greatly affected the housing market.
If you’d like to know more about something specific in the market, I’d be happy to talk to you about it! Reach out with a phone call or an email. I look forward to hearing from you.