Home prices have finally come down compared with last year, though just fractionally, according to daily reads from Parcl Labs, which looks at high-frequency listing data on single-family homes, condos and townhomes, both new and existing.

They may stay softer, though, as home prices are down 1.4% in just the last three months.

On a national level, home prices have not gone negative since mid-2023, a year after the Federal Reserve first brought rates up from zero, and mortgage rates moved sharply higher. From March 2022 to June 2023, the average rate on the popular 30-year fixed mortgage went from 3.9% to just over 7%, according to Mortgage News Daily.

But even then, prices were negative on a year-over-year basis for just a few months. It was nothing like the great financial crisis when

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