The Balance Today: News You Need To Know on Sept. 19, 2022

Family in front of house for sale
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If you’ve been interested in buying a home and waiting patiently for prices to fall from their recent highs, we might have some good news for you. There are signs that the tide could be turning, with Zillow reporting that the typical home value fell 0.3% in August—the largest drop in a single month since 2011.

And that trend is likely to pick up speed, with nearly a quarter of builders surveyed by the National Association of Home Builders (NAHB) saying they’ve lowered prices this month, up from just under a fifth in August.  

However, it’s worth noting that those prices are still significantly above what they were just a year ago or before the pandemic, with the typical home value up 14.1% in August from a year ago, and up 43.8% from 2019, according to Zillow.

But while prospective homebuyers could see prices continue to drop, the same likely won’t be true for mortgage rates. The Federal Reserve is widely expected to hike rates by another 75 basis points at its two-day meeting this week to counter rising inflation, which would raise mortgage rates.

—Kara

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The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
  1. National Association of Home Builders. “Builder Confidence Falls for Ninth Straight Month as Housing Slowdown Continues.”

  2. CME Group. “Target Rate Probabilities for 21 Sep 2022 Fed Meeting.”

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