Home prices go negative for the first time in over 2 years

Home Price Trends - Home prices are fractionally lower year-over-year and down 1.4% in the last 3 months [1] - National home prices haven't been negative since mid-2023 [1] - Certain markets are seeing significant price drops, such as Austin (-10%), Denver (-5%), Tampa and Houston (-4%), and Atlanta (-3%) [1] - Other markets are seeing gains, including Cleveland (+6%), Chicago and New York City (+5%), Philadelphia (+3%), and Pittsburgh and Boston (+2%) [1] Market Analysis & Forecast - Parcel Labs' base case is that prices will hover around zero with small positive or negative year-over-year changes, rather than the double-digit gains of the pandemic era [1] - Home prices are influenced by mortgage rates and the broader health of the economy [2] - Supply will also play a role in home prices [2] Data & Methodology - Home price reporting is challenging due to different measurement methods [1] - Parcel uses a high-tech method for measuring home prices, which is considered current and accurate [1] - Measuring prices compared with the same time a year ago is important due to housing seasonality [1]