Home Prices Are Back on the Rise
August 14, 2023
Home Prices
Some Highlights
- Looking at monthly home price data from six expert sources shows the worst home price declines are behind us, and they’re rising again nationally.
- If you’ve put your plans to move on pause because you were worried about home prices crashing, this rebound is good news.
- Let’s connect so you know what’s happening with prices in our area.
Don’t Fall for the Next Shocking Headlines About Home Prices
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The sale price of your house matters.
If you're thinking about moving , it's important to know what's happening in the housing market . Here's an update on the supply of homes currently for sale. Whether you're buying or selling , the number of homes in your area is something you should pay attention to. In the housing market, there are regular patterns that happen every year, called seasonality . Spring is the peak homebuying season and also when the most homes are typically listed for sale (homes coming onto the market are known in the industry as new listings). In the second half of each year, the number of new listings typically decreases as the pace of sales slows down. The graph below uses data from Realtor.com to provide a visual of this seasonality. It shows how this year (the black line) is breaking from the norm (see graph below):
If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. According to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:
The ideal home is the one that you make perfect once you have purchased it.