It's important to understand the distinction between year-over-year (Y-O-Y) and month-over-month (M-O-M) comparisons because it can provide different insights into the housing market. In the context you mentioned, where home prices in April, May, and June of 2022 were exceptionally high, the Y-O-Y comparison may show a depreciation in home values when compared to the same months in 2023.
This potential decline in Y-O-Y home prices does not necessarily mean that home prices are universally going down. It's crucial to consider other factors and data points to form a comprehensive understanding of the housing market. M-O-M comparisons, for example, can capture short-term fluctuations and immediate shifts in demand and supply.
While the Y-O-Y comparison might suggest a depreciation in home values during those specific months, it doesn't provide a complete picture of the overall market conditions. It's possible that M-O-M comparisons could reveal different trends, such as seasonal fluctuations or localized variations.
To gain a more accurate understanding of the housing market, it's advisable to consider a range of data sources, including both Y-O-Y and M-O-M comparisons, as well as other relevant factors like inventory levels, interest rates, economic conditions, and local market dynamics. Real estate markets can be complex, and a holistic analysis is needed to make informed judgments about the direction of home prices.