Home Prices Are Climbing in These Top Cities

Considering purchasing a home or selling your present one to discover a better fit? If so, you might be questioning what’s happening with home rates nowadays. Here’s the scoop.

The latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) reveals they’re going up (see charts below):

As you can see, home prices were increasing for most of 2023. Over the course of December and January, they were practically flat— which is quite normal for that time of year.

Here’s what you need to understand now. As of February, when the spring market began, rates were on the increase once again.

Home Prices Are Going Up in Most of America’s Top Cities

After seeing a dive in home rates nationally in February, you might be wondering if they’re going up in your area, too. While it depends upon where you live, prices are increasing in 18 of the top 20 cities Case-Shiller reports on in the monthly rate index (see chart below):

Most specialists also think home rates will keep rising and end the year on a high note. Forbes explains why:

“Even as home mortgage rates have reached their highest level because November, relentless need combined with limited real estate supply are key drivers pressing home values up.”

How This Impacts You

For Buyers: If you’re ready, willing, and able to buy a home, purchasing before costs go up even more might be a smart choice, because home worths are anticipated to keep climbing up.

For Sellers: Prices are going up since there still aren’t sufficient homes offered for sale right now compared to today’s buyer need. If you work with a representative to price your home right, you might receive multiple deals and offer quickly.

Bottom Line

The data reveals home rates are increasing nationally. Let’s talk to see precisely what’s going on with costs in our community.

Here’s what you need to understand now. After seeing a dive in home prices nationally in February, you may be wondering if they’re going up in your area, too.