With the spring market approaching, many people are keeping a close eye on the latest changes in home prices. However, navigating the confusing and often misleading data can be a challenge. To help you make informed decisions about your real estate goals, here’s what you need to know about today’s home prices.
According to Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), U.S. house prices have remained largely unchanged in the last four months and are near the peak levels reached over the summer of 2022. Although higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.
While prices depreciated significantly around August, any depreciation since then has been milder. Today’s home prices are not in a freefall, and any declines are likely to be minimal compared to the growth we’ve seen over the last few years.
If you’re concerned about the impact of even the smallest decline in prices on your current home, it’s important to keep things in perspective. Selma Hepp, Chief Economist at CoreLogic, notes that price declines since last spring’s peak add up to only a 3% cumulative drop.
However, it’s crucial to remember that local markets can vary significantly. For this reason, it’s vital to rely on the expertise of a local real estate professional for the most up-to-date information on home prices in your area.
In conclusion, to make informed decisions about your real estate goals, reach out to a local real estate expert today. They can provide you with personalized insights and guidance that take into account the unique factors influencing your local market. Don’t let misleading headlines and confusing data cloud your judgment. Contact a real estate professional today and take the first step towards achieving your real estate goals.
Call us today to schedule a consultation and discuss how we can help you navigate the current real estate market.