Home price declines in December are unsurprising, what is surprising is the size of the decline we are seeing. For the four years ending 12/21, the December price declines from the peak in that same year ranged from -7% in 12/18 to -0.7% in 12/20. In 12/22 the decline was 11.3%. Remember, the big 2018 decline was the result of, you guessed it, Fed rate hikes that walloped housing!