What is going on with Home Prices?

Home prices are top of mind for many as the housing market begins gearing up for Spring. It can be hard to navigate the misleading headlines and confusing data!

What you need to know:

Home prices (and by that I mean the actual sales prices) have been largely unchanged over the last 4 months. Higher mortgage rates have suppressed the demand, and lower inventories of homes for sale have helped maintain relatively flat prices. Even though the inventory has increased over the recent months, the supply of homes for sale is still below what would be typical for our area at this time of year. That varies a bit from neighborhood to neighborhood (with some seeing no price decrease and others seeing minimal 2-3% softening), but home prices are definitely not in a "free fall".

Spring may be a Sweet Spot for Home Sellers:

We still have a lower inventory of homes for sale than what is typical for this time of year. The number of homes for sale is up from last year, but still well below pre-pandemic numbers. A telling sign that there will be increased buyer activity is that mortgage applications have increased by over 30% in the past 60 days - the Buyers are getting ready, so if you are thinking about selling, you should take action.

If you would like to know what is going on with home prices specific to your own home and how they may impact your goals, call me today! I'm looking forward to assisting you with your next real estate transaction.