The Worst Home Price Declines Are Behind Us

 

If you’re following the news today, you may feel a bit 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 an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us.

If we take a year-over-year view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic. To get a more detailed picture of some of the trends in the market, we need to look at monthly data.

In the first half of 2022, home prices were climbing, and they peaked in June. Then, in July, they started to decline. And 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 as we move into the busier spring season.  

While one to two months doesn’t make a trend, the fact that all three reports show prices have stabilized is an encouraging sign for the housing market. The month-over-month data conveys a clear, but early, consensus that a national shift is taking place today. In essence, home prices are starting to tick back up.

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 nationally. DM me so you have an expert on the local market to explain what we’re seeing with home prices in our area.
 
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