There are as many answers to this question as there are economists. The best guess may be based on the trends reported at the end of August 2022 by the S&P CoreLogic Case-Shiller Index, the leading measure of home prices in the U.S. The index for June 2022 showed a continuing deceleration in price increases. Prices nationwide still increased at a hefty 18% annualized rate, compared to 19.9% in the previous month. Case-Shiller's analysis indicates that slowing price appreciation is likely to continue, particularly in the metropolitan areas where prices rose most rapidly during the pandemic. Whether prices will actually fall is a tougher call. Fitch Ratings estimates that home prices are overvalued by an average of 11%. That argues for a price "correction," particularly in the regions where price appreciation has been steepest, starting with parts of the West Coast.