Are you prepping to buy or sell a home? It’s no surprise that current housing market news is keeping many of us on edge, but with the right information, we can have confidence in our decisions. Let’s dive into what current data says about recent changes to home prices so we can face the spring season prepared!
Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), has found that real-estate prices across America still fluctuate from city to city in spite of national trends. Her research provides insight into what buyers and sellers can expect when it comes to pricing their homes! He 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.”
Home prices have seen some decline since August, but the data shows that rate has been slowing steadily. Now more than ever, it’s an excellent time for potential buyers to get into a new home – depreciations are not as severe and current pricing looks great!
How Does This Affect You?
Owning your home is a major investment, and with the current market trend of minor price dips, it may be concerning. That said, recent years have seen incredible growth in housing values across the board – so small drops are no cause for alarm according to Selma Hepp Chief Economist at CoreLogic.
“. . . 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.”
Spring is a popular time for moving and if you’re among those taking the leap, it’s essential to consult an expert when considering home prices in your local market. After all, every area has its own unique values so staying up-to-date on current trends will ensure you get the most from your move!
Also Read: Time to Buy a Newly Constructed Home?
Are you curious to discover how the current home prices could affect your goals? Let’s connect today and explore what this market has in store!