Homebuyers Benefit as Prices Remain Below 2022 Peak

Real house prices are about 8.5% above the housing bubble peak from over 20 years ago, with the Case-Shiller National Index in real terms 3.8% below its recent 2022 peak. Nominal house prices are at or near all-time highs, but real prices have declined slightly since 2022. It typically takes years for real prices to surpass previous peaks after sharp increases. National real house prices are expected to decline further in 2026 amid rising inventory and higher mortgage rates.