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  • Writer's pictureWWH

Home Prices are on the Rebound

With the current news headlines, you might feel uncertain about the direction of home prices and worry about a potential downturn. However, it's essential to put things into perspective and consider a year-over-year view to gain a more accurate understanding. While home prices did experience a drop compared to an unprecedented peak, taking a monthly view reveals a much more positive story.

When looking at the national data from recent monthly reports, we can see a clear trend of home prices appreciating again after a period of decline. The housing market in the first half of 2022 saw a rapid increase in home prices. However, starting in July, prices began to decrease, stabilizing around August or September. Yet, the most recent data for early 2023 indicates a renewed upward trajectory in home prices.

The fact that all three reports show consistent increases in home prices for three or more consecutive months is encouraging for the housing market. This month-over-month data points to a national shift where home prices are on the rise again.

Experts believe that the reason prices didn't crash as some expected is due to the limited supply of available homes compared to the high demand from potential buyers. Even with current mortgage rates, there are more people looking to buy homes than there are homes available for sale. This demand-supply imbalance continues to exert upward pressure on prices.

The growth in home prices has exceeded expectations, largely driven by robust demand resulting from demographic factors. Buyers who hesitated due to fears of declining home values should find some relief in knowing that home prices have rebounded. Owning a home can be an opportunity for appreciation over time.

For sellers, if you've been holding off on listing your house due to concerns about fluctuating home prices, the latest data suggests that things are turning in your favor. Teaming up with a real estate agent to list your property could be a smart move.

In conclusion, if you've been postponing your moving plans due to worries about home prices, the latest data indicates that the worst is already behind us, and home prices are appreciating on a national level. Connect with a local real estate agent to stay informed about the specific trends in your area.


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