The April 2022 S&P CoreLogic Case-Shiller Home Price Index, which measures U.S. residential real estate prices and tracks changs in value of residential real estate nationally, recently reported a 20.4% year-over-year growth nationally and a record 21.2% growth for its top 20-City Composite. The index listed New York City as one of its data point cities. As a result, it should now be recognized why the main housing concern was an overheating housing market rather than the crash that many people had predicted would occur between 2012 and 2021. American society would have been in good shape for years without suffering too much when rates rise if home price growth had increased at a pace of 3% to 4% annually. Of course, that wasn't the case, and the price was paid by seeing a record-breaking drop in housing inventory in 2020–2024.Mohtashami Logan, How Home Price Growth Has Damaged the Housing Market, Housing Wire, https://www.housingwire.com/articles/how-home-price-growth-has-damaged-the-housing-market/ (June 28, 2022).
Tags: 2022, crash, home sales, inflation, overheating housing market, purchase market, rent, residential real estate prices, S&P CoreLogic Case-Shiller Home Price Index