Domicile Decline

In January, for the seventh month in a row, M-o-M home prices declined. While this is the longest streak since 2012, the good news is prices declined just 0.2%, the second smallest decline since this streak began. Nationally, prices are up 3.8% Y-o-Y, the smallest growth rate since 12/19. Relatedly, after peaking in early 2022 at about 15%, Y-o-Y rent growth continues to fall and is now about 4%.