Are house prices recovering?

If we look year over year, home prices did drop a bit, but that's because we're comparing to a 'unicorn' year when prices peaked well beyond the norm.

To avoid unfair comparison to that previous high, we need to look at the monthly data. And that tells a much different and much more positive story.

In the first half of 2022, home prices were rising, and fast. However, starting in July, prices began to drop. Around August or September, the trend began to level off.

The fact that all three reports show that prices have been rising for three or more consecutive months is an encouraging sign for the housing market. The month-over-month data indicates a national shift is occurring:

Home prices are rising again. Experts believe that one of the reasons prices have not plummeted as some expected is because there are not enough houses available for the number of people who want to buy them. Even at current mortgage rates, there are more people looking to buy than there are homes available for sale.

This is how this affects you Buyers:

If you've been holding off buying because you're worried your home's value will drop, knowing that home prices have rebounded should bring 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 home because you're worried about how changing home prices will affect its value, it might be a good idea to work with a real estate agent to put your home up for sale. You don't have to wait any longer because the latest data suggests that things are turning in your favor.

In conclusion

If you delayed your move plans because you were concerned about falling home prices, the latest data reveals that the worst is over and prices are appreciating nationwide. Work with me to find out what is happening with home prices in your area and to plan your approach to getting approved. In these times we must be alert to new changes on this market.

I'm here at your service working for you.