07/17/2023
I've been getting a lot of questions from people recently about the state of the housing market and what is going on with house prices.
Following the news can be quite confusing because headlines are painting an unnecessarily negative picture. Here's what the national data is telling us.
Take a look at this monthly view. We can see the past year in the housing market can be divided into two parts.
▪️ In the first half of 2022, home prices were going up, and fast. However, starting in July, prices began to go down (shown in red in the graphs above).
▪️ By around August or September, the trend started to stabilize. But, looking at the most recent data for early 2023, these graphs also show that prices are going up again.
The fact that all three reports show prices have been going up for three or more straight months is an encouraging sign for the housing market. The month-over-month data indicates a national shift is happening – home prices are rising again.
Here’s How This Affects You:
BUYERS: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices have bounced back should bring you some relief. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
SELLERS: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, it might be a good idea to team up with a real estate agent to list your house. You don’t have to wait any longer because the latest data suggests things are turning in your favor.
BOTTOM LINE:
If you delayed your moving plans because you were concerned about home prices dropping, the latest data reveals the worst is already over, and prices are appreciating nationally. Give me a call or drop a message to find out what's really going on.
Source: https://tinyurl.com/5yr9fwm6
