Valuations are below 2022 highs, but creeping back up. The median sale price of an existing single-family house was down 2.1 percent year-over-year in April 2023, the largest decrease on an annual basis going back to 2012. At the same time, the starting point of that reference period was historically elevated, making the decline over the past year more of a normalization rather than a price collapse. In fact, the median sale price has grown in three of the past four months to reach $389,000 in April 2023, the largest measure since last September. Home values are being reinforced by a lack of for-sale inventory as owners have limited incentive to sell and trade out their lower-rate mortgage. The number of existing homes listed on the market fell for a third straight month in April, now more than 25 percent below the trailing five-year average. This dynamic is offsetting weaker buyer demand and keeping prices afloat. Valuation adjustments have not been identical across the country, however, with some regions noting more drastic price movement over the past year.