February 16, 2023
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.
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.
To understand what’s going on with home prices in our market and how they could impact your goals, let’s connect today.
That’s The Scoop for now. As always, feel free to reach out to any one of us here at Elation Real Estate for all your real estate needs, in and around Pleasanton, Livermore, and the rest of the Tri-Valley.
Or ask us how you can join our team!
Elation Real Estate… Boutique Feel with World-Class Results!
All the best,
Your Elation Real Estate Team
Stay up to date on the latest real estate trends.
December 8, 2023
November 29, 2023
November 14, 2023
Mark Your Calendars!
November 7, 2023
A Look into the Real Estate Market
October 17, 2023
Does it help?
October 12, 2023
September 29, 2023
A Core Value at Elation Real Estate
September 7, 2023
It's all about low inventory
August 25, 2023
You’ve got questions and we can’t wait to answer them.