Mortgage
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.
Stay up to date on the latest real estate trends.
Mortgage rates will come down slightly. More homes will sell. And prices will rise more moderately.
If you're in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market.
What does this mean for the housing market, and more importantly, for you as a potential homebuyer or seller?
While financial aspects are important, sometimes the personal motivations for moving are reason enough
Here’s some information that could help you make your decision.
The biggest missteps are pricing a house too high, skipping repairs, not being objective, and not being willing to negotiate.
6 beds | 4 baths | 2,232 sq ft
For now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years.
Mortgage Rates Are Projected To Come Down Slightly
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