Home prices in 33 big and expensive cities in America are experiencing a rollercoaster ride. While some cities are seeing prices rise to new highs, others are witnessing a downward spiral, with many cities experiencing year-over-year price declines. The article delves into the trends and factors driving these fluctuations, offering a comprehensive analysis of the housing market's current state. The author, Wolf Richter, provides a detailed breakdown of the data, highlighting the cities with the most significant price drops and gains. The article also explores the impact of the Fed's reckless free-money policies on the housing market, which led to massive price increases in the early 2020s. Richter argues that the supply of existing single-family homes and condos is at a 10-year high, while sales are in a deep freeze, further contributing to the market's volatility. The article concludes with a call to action for readers to support Wolf Street, emphasizing the importance of independent media in providing valuable insights into the economy and financial markets.
