US Condo Prices See Eighth Straight Monthly Decline in November
Condo values fell 1.8% year-over-year, marking the steepest declines since 2012 and signaling ongoing weakness in the housing market.
Summary
Condo prices in the United States dropped 1.8% year-over-year in November, marking the eighth consecutive monthly decline. September and October both saw 1.9% annual drops, the sharpest since 2012. Over 10% of condos now have estimated values below their purchase price, highlighting sustained market weakness.
Terms & Concepts
- Year-over-year (YoY): A comparison of a statistic for one period with the same period from the previous year, often used to track growth or decline trends.
- Housing market decline: A period when property values decrease over time, often influenced by economic conditions, interest rates, and buyer demand.