The Real Story Behind What’s Happening with Home Prices

If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With a lot information out there, it can be hard to figure out your next move.

As a buyer, you may be stressed over paying more than you should. And if you’re thinking of selling, you might be concerned about not getting the cost you’re aiming for.

So, here’s a fast breakdown to help clear things up and reveal you what’s truly occurring with prices– whether you’re considering purchasing or offering.

Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally

Throughout the country, home price gratitude is moderating. What that indicates is, prices are still increasing, however they’re not increasing as rapidly as they were in recent years. The chart listed below usages data from Case-Shiller to make the shift from 2023 to 2024 clear:

But rest assured, this does not indicate home rates are falling. In fact, all the bars in this graph show price growth. While you may hear talk of prices cooling, what that actually indicates is they’re not climbing as quick as they were when they increased just a few years ago.

What’s Next for Home Prices? It’s All About Supply and DemandYou might

be curious where rates will go from here. The answer depends upon supply and demand, and it’s going to differ by local market.

Nationally, the variety of homes for sale is going up, however there still aren’t enough of them to satisfy today’s buyer need. That’s keeping upward pressure on prices– even though recent inventory growth has actually triggered that home cost gratitude to slow. Danielle Hale, Chief Economist at Realtor.com, said:

” … today’s low however rapidly improving for-sale stock has actually ushered in more market balance than would otherwise be anticipated … This must help home rates keep a slower speed of development.”

And here’s another thing you might not have considered that could contribute in where rates go from here. Considering that experts say mortgage rates must continue to decrease, it’s likely more purchasers will re-enter the market in the months ahead. If need chooses back up, that could make prices climb up a bit further.

Why You Should Work with a Local Real Estate AgentWhile nationwide trends offer a big-picture view, real estate is constantly local– especially when it comes to costs. What’s happening in your area may be various from the nationwide average based on what supply and need look like in your market. That’s why it’s important to get local insights from an experienced realty agent. As your go-to source for everything related to home rates, a local

agent can offer the most present information and patterns particular to your area. If you’re preparing to sell, they can help you price your house precisely.

And when you’re prepared to buy, they can find the right home that fits your budget and your requirements. Bottom Line Home prices are still increasing, simply not as rapidly as before. Whether you’re considering purchasing, selling, or simply curious

about what your house deserves, let’s connect so you have the tailored assistance you need. Throughout the nation, home rate gratitude is moderating. What’s Next for Home Prices? That’s keeping upward pressure on costs– even though current inventory development has actually caused that home cost appreciation to slow. While nationwide patterns give a big-picture view, genuine estate is constantly regional– particularly when it comes to prices. Home prices are still rising, just not as rapidly as in the past.