Part 5/8:
Compounding the issue, while single-family home sales have decreased by 1.4% year-over-year, prices have seen a modest year-over-year increase of 1.7%. Similarly, condo prices have increased by 1.4%. However, these increments fail to keep pace with official inflation rates, which many believe substantially underrepresent reality. The consumer price index (CPI) reflects inflation at 2.3%, but many Americans anticipate rates closer to 7%. Hence, the growth in housing values is insufficient to offset decreasing purchasing power.