Housing prices are falling at the moment, despite the fact that many guides may not yet reflect this. There were declines in home values throughout May and June, but these have not yet been shown in price measurements.

Data from Campbell Surveys reveals that prices for short sales fell 6.3%, foreclosures ready for move-in fell 6.8%, and non-distressed properties dropped 4.6%. These lower rates will not show up in indices like the Case-Shiller index for a few months, simply because that index is a three-month composite of home prices, and it lags two months behind. Also, there is a delay between when a purchase contract is signed, and when a consumer closes on a home. The price is not considered final until closing, and the sale is not reported until after the close.

The decline of housing prices can be linked to many different factors. One of these is a lack of demand for home purchases after the expiration of the first-time home buyer tax credit at the end of April. There is also a massive overhang of homes on the market, and so many foreclosures or distressed homes, that the purchase price is being driven down. This is important information to keep in mind for someone looking to buy or sell a home in the near future.