Wondering What’s Going on with Home Prices?

Here is What’s Going on with Home Prices

Wondering What’s Going on with Home Prices? | MyKCM

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.

What Does This Mean for You?

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 CoreLogicshares:

“. . . 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.

Bottom Line

To understand what’s going on with home prices in our market and how they could impact your goals, let’s connect today.

Jennifer Blanchard Team

Berkshire Hathaway HomeServices NJ Properties

(908) 432-0318 | jennifer@jenniferblanchard.com

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The Blanchard Team has been helping people buy and sell homes in Basking Ridge and the surrounding towns for over 20 years. We work at your pace and in your timeframe. We offer our knowledge and experience in the spirit of making sure you have what you need when you need it. When you’re ready to talk real estate, we’re ready to listen.
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Jennifer Blanchard

Jennifer Blanchard is a Top Producing real estate agent in Basking Ridge with over 20 years of experience. She would love the opportunity to discuss any real estate questions you have.

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