“Here’s what you should know about today’s 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.
What Does This Mean for You?
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.
Bottom Line
To understand what’s going on with home prices in our market and how they could impact your goals, let’s connect today.
To view original article, visit Keeping Current Matters.
Ready To Sell? Today’s Housing Supply Gives You Two Opportunities.
Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area.
What Every Seller Should Know About Home Prices
If recent headlines about home prices have you wondering what that means for your home’s value, let’s discuss the latest trends.
Key Advantages of Buying a Home Today
Buying a home in any market is a personal decision, and the best way to make that decision is to educate yourself on the facts, not the news headlines.
What’s Going on with Home Prices? Ask a Professional.
Your local real estate professional will be able to explain the latest trends in your specific market.
Prioritizing Your Wants and Needs as a Homebuyer in Today’s Market
It’s important to be mindful of what’s a necessity and what’s a nice-to-have when searching for a home.
3 Ways You Can Use Your Home Equity
A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it.