Are you wondering how home prices are changing lately? As a buyer, you may be concerned about paying too much for a home, while as a seller, you may be wondering if you can sell your home at the price you want.
Today, I’ll provide a brief overview of the latest trends in home prices. Whether you’re buying or selling, this information will be helpful.
Home Prices Are Slowing, But Not Dropping Nationally
The rate of home price increases is slowing nationwide. In other words, home prices are still rising, but not as quickly as they did in recent years. The graph below, using data from Case-Shiller, clearly shows the change from 2023 to 2024:
As you can see, all the bars on the graph show price increases. So if you’ve heard that home prices are falling, it simply means the rate of increase is slower than it was a few years ago.
What’s Next for Home Prices? It's All About Supply and Demand!
You may now be wondering what’s next for home prices. The key, as I always emphasize, is supply and demand, and this varies by region.
Nationally, the number of homes available for sale is increasing, but it’s still not enough to meet today’s buyer demand. This is keeping upward pressure on prices. However, with the recent rise in housing inventory, the pace of price increases is expected to slow for the time being.
But there’s another twist to consider—mortgage rates.
The Role of Mortgage Rates
Experts are predicting that mortgage rates will continue to fall, which could bring more buyers back into the market in the coming months. If demand rises again, home prices may see another increase.
Real Estate Is Local
While national trends provide the big picture, real estate markets are always local—especially when it comes to prices. What’s happening in your neighborhood could be very different from the national average, as it depends on the local supply and demand. That’s why it’s important to seek guidance from a local real estate agent who has insight into your specific market. Again, my blog offers a macro-level outlook, so I highly recommend consulting a local expert.
I look forward to sharing more helpful insights in my next post!
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