Are you curious about the current state of home prices?
As spring approaches, many are focused on the recent changes in home prices as the housing market gears up for spring. It can be difficult to understand misleading headlines or confusing data. Here’s what you need to know about today’s home price trends. Nataliya Polkovnichenko (Ph.D.), Supervisory Economist at Federal Housing Finance Agency, (FHFA), explains how to look at national data.
“U.S. “U.S. Although higher mortgage rates have slowed demand, low inventories have maintained relatively flat house prices.
The chart below shows month-over-month changes in home prices. The data also shows that the peak in price decline was around August. Any depreciation since then has been milder. This means that today’s home prices don’t have a free fall.
What does this mean for you?
If you own your home, you might be worried about the slightest drop in price. Keep in mind how much home prices have risen over the past few years. Any national declines will likely be small compared to this growth. Shares Selma Hepp (Chief Economist at CoreLogic):
“. . . Although prices fell from November, the rate at which they declined was slower than in the summer. However, this still amounts to a 3% cumulative drop since the peak of last spring.
It is important to remember that every market is unique. If you are planning on moving this spring, it is important to consult an expert to get the most current information about the home prices in your local area.
Bottom LineTo find out more about the market and how it could affect your goals, contact a local realtor today.
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