Wondering What’s Going on with Home Prices?
The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.
Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains:
“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”
Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words, today’s home prices aren’t in a freefall.
If you currently own your house, you may be concerned about even the smallest decline in prices. But keep in mind how much home values grew over the last few years. Compared to that growth, any declines we’re seeing nationally are likely to be minimal. Selma Hepp, Chief Economist at CoreLogic, shares:
“. . . while prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak.”
It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the home prices in your area if you’re planning to make a move this spring.
To understand what’s going on with home prices in our market and how they could impact your goals, let’s connect today.
Life can feel a bit unpredictable these days. What’s happening with inflation? The economy? The housing market? But in the middle of all that uncertainty, there’s one … Read more
If you're watching mortgage rates, don’t just focus on what the Fed does—pay close attention to what they say. Markets tend to move on forward guidance, not just head… Read more
Now that buyers have more options for their move, you need to be a bit more intentional about making sure your house looks its best when you sell. And proper staging c… Read more
You’ve decluttered. You’ve deep cleaned. You’ve even repainted the walls that one perfect shade of neutral. So why aren’t buyers falling in love the moment they walk t… Read more
Headlines are saying home prices are starting to dip in some markets. And if you’re beginning to second guess your plans based on what you’re hearing in the media, her… Read more
Some Highlights Are you wondering what to expect if you buy or sell a home in the second half of the year? Here’s what the expert forecasts tell you. Mortgage rates a… Read more
In a recent Gallup poll, real estate was once again voted the best long-term investment in America — for the 12th year in a row.
When you put your house on the market, you want to sell it quickly and for the best price possible; that’s generally the goal. But too many sellers are shooting too hi… Read more
At some point, you’ve probably heard the saying: “Yesterday was the best time to buy a home, but the next best time is today.” That’s because homeownership is about t… Read more
Want to stay one step ahead of the market? Sign up to be on Dyanna's VIP mailing list to receive exclusive listings, real estate news and a lot more.