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Wondering What’s Going on with Home Prices?

  • herbrim
  • Feb 20, 2023
  • 2 min read



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.

What Does This Mean for You? 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. Bottom Line To understand what’s going on with home prices in our market and how they could impact your goals, let’s connect today.

 
 
 

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Website Copyright © Herb Rim 2021-2023. All Rights Reserved.  Real Estate transactions are brokered by eXp Realty, a licensed real estate broker, licensed to do business as EXP Realty of Greater Los Angeles, Inc. in California under DRE License #02188471. Herb Rim DRE#01870707.  No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and eXp Realty expressly disclaims any liability in connection therewith. No financial or legal advice provided. Equal Housing Opportunity.   Sitemap

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