There's a lag in the index, but in August (most recent data available) housing prices were down 0.7% month over month, and 0.6% the month before https://www.fhf

There's a lag in the index, but in August (most recent data available) housing prices were down 0.7% month over month, and 0.6% the month before https://www.fhfa.gov/AboutUs/Reports/Pages/US-House-Price-Index-October-2022.aspx https://www.fhfa.gov/AboutUs/Reports/Pages/US-House-Price-In.... But, as others have pointed out, housing prices are sticky for a variety of reasons.