February 2023 Erdmann Housing Tracker Update

According to Zillow numbers, February may have been a bit of a turning point. The seasonally adjusted ZHVI estimate of the median US home value peaked in August and has been relatively flat. The ZORI rent estimate peaked in September before flattening. Trends for both measures ticked up this month. The rent estimate actually increased over the January estimate.

It will be interesting to watch the general sentiment and comments from the industry commentariat if this continues. Will refrains about the coming tsunami of home prices just quiet down? Will people double down on forecasts and calls for contraction and blame the lack of one on the Fed?

Details on this month’s data below the fold.