May’s record-high $760,000 to December’s $686,000 is the third-largest percentage drop in this seven-month period over the past 35 years.
The top drops came in the last bubble-bursting era. The No. 1 price tumble was in 2008 when prices fell 25% in these seven months. No. 2 happened in 2007, when prices fell 16%.Price drops in this seven-month period aren’t typical.
Over 35 years, declines in May-to-December occurred 13 times. Values rose 21 times and were flat in 1995.And the 2022 late-year stumble compares to only two price drops in the previous 10 years in the same timeframe – 2014’s 0.5% decline and 2018’s 3% dip.Look, 2022’s ugly ending – seven straight months of declining prices – is clearly not a seasonal downswing.
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