From February 2012 to June 2022 – 124 consecutive months – the Case-Shiller National Home Price Index reported month-over-month home price appreciation. July through October 2022 saw four consecutive months of monthly home price drops, down 2.4 percent from June’s peak. The correction is here. After years of accelerating growth and heat, home prices are readjusting as the Fed raises interest rates and the country works to stem inflation. This readjustment period could last for all of 2023 and then settle somewhat into a new normal. We’ll be tracking the data closely.