Wondering What’s Going on with Home Prices?

Abstract

The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. Looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency, 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. In other words, today's home prices aren't in a freefall. 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 your market and how they could impact your goals, contact a local real estate professional today.