With spring in the air, home-buyers are eager to make sense of the conflicting reports about current housing prices. To help you get clarity around this buzzy topic and equip you with knowledge on today's real estate market, here is a breakdown of what homeowners need to know.
Despite differences in regional pricing, when it comes to national trends Nataliya Polkovnichenko - Supervisory Economist at the Federal Housing Finance Agency (FHFA) – has something to say:
“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.”
As seen in the chart provided, month-over-month fluctuations of home prices can be observed. The numbers also demonstrate that price depreciation peaked during August, and since then has been even gentler. To put it another way, current house costs are not falling hard anymore.
Even though you may be worried about the resilience of your home's value during these times, it is helpful to take into account how much property values grew in recent years. In comparison with that growth rate, any national declines we are seeing now will probably remain minimal. Selma Hepp, Chief Economist at CoreLogic expressed:
“. . . 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.”
As each local market has its own distinct dynamics, it's essential to tap into the expertise of a professional for up-to-date knowledge on housing costs in your region if you're making plans to move this spring. amiliarizing yourself with the current market conditions can help you make an informed decision as to how you are going to approach buying a house this year.
It is also beneficial to keep in mind that your living space may not only be a place for you right now, but it could be viewed as an investment for future years. The housing prices weare currently seeing could be a sign of stability in the future.
So, when considering purchasing a property this spring, don’t forget to factor in all of these elements for the best possible outcome. The key is being informed and prepared to make an educated decision about your purchase. With that knowledge, you can rest assured knowing youare making the right choice.
Home prices in our market are ever-changing, so to make sure you're still on track for reaching your goals, let's connect today and discuss how it might affect you. The current state of home prices may be a great opportunity for you to take advantage of. Whether you're buying or selling, the right guidance is essential in making sure your real estate goals are achieved! Get in touch now and let's get started!
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