If consumers were on a graph, and they are at least in the housing section of the Federal Reserve Bank of New York’s Survey of Consumer Expectations, then they just took a hard right and headed down.

The one-year expectation of home price growth in consumers’ own ZIP codes crashed from 7.0% in 2022 to 2.6% in 2023—the lowest figure since at least 2014. Lower than the five-year annualized expectation, which had never happened in the time frame.

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Erik Sherman

GlobeSt

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