What is happening with home prices?
If you are thinking of selling your home, you may be feeling unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting a very negative picture. Contrary to those headlines, prices aren’t in a freefall. The latest data tells a very different (and much more positive) story.
If we take a look at the year-over-year data, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic.
In the first half of 2022, home prices were climbing, and they peaked in June. Then, in July, home prices started to decline slightly. By roughly August or September, the trend began to stabilize. As we look at the most recent data for the early part of 2023, we see a recent rebound in momentum with prices ticking back up. Monthly changes in home prices are gaining steam, slowly but surely, as we move into the busier spring season.
What Does This Means to You ?
Sellers: If you’ve been holding off on selling because you’ve been worried about what was happening with home prices and how it would impact the value of your home, it may be time to jump back in. You don’t have to put your needs on hold any longer because the latest data shows a turn in your favor.
Buyers: If you’ve been waiting to buy because you didn’t want to purchase something that would decrease in value, you now have the peace of mind things are going in the right direction. Buying now lets you get into the market before home prices climb more and gives you the chance to own an asset that typically grows in value over time.
If you put off your plans to move because you were worried about home prices falling, data shows the worst is already behind us and prices are actually rising now. Call me today if you would like more information - I’m here to help!
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR
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