Home Prices Still on the Rise in These Leading Cities

These Top Cities Show Home Prices Are Still Climbing

If you're contemplating a home purchase or contemplating the sale of your current property to better align with your needs, you likely have inquiries about the current status of home prices. Here's a breakdown of the crucial information you need.

In the current landscape, misinformation and confusion abound. Despite any conflicting information you might have encountered, the national data unequivocally demonstrates a resurgence in home prices, as depicted in the accompanying graphs:

 

As evident from the data, home prices experienced a substantial surge in the first half of 2022, reaching levels that were both dramatic and unsustainable. Consequently, during the latter part of 2022, there was an adjustment, characterized by minor and short-lived declines. While media coverage highlighted these slight dips, it's crucial to recognize that in 2023, home prices are once again on the rise, and this time, it's at a more sustainable and conventional pace. The convergence of all three reports indicating more typical price increases this year is positive news for the housing market.

Home Prices Are Rising Across the Top Cities in the U.S.

Following consistent home price growth at the national level over the past few months, you might be curious about the trend in your local area. It's important to note that the appreciation of home prices varies across different regions. However, in the top cities that Case-Shiller reports on in their monthly price index (as illustrated in the chart below), home prices are on the rise.

 

That’s why so many experts are able to forecast home prices will end the year in the positive and continue going up in 2024.

Here’s How This Affects You

  • For Buyers: If you’ve been waiting to buy a home because you were concerned it might lose value, the fact that home prices are going up should ease your worries. Buying a home before prices climb higher can be a smart move since home values typically appreciate over time.
  • For Sellers: If you’ve been postponing selling your house because you were worried about how changing home prices would affect its value, now might be a good time to work with a real estate agent to put your house on the market. You don’t have to wait any longer because the data shows home prices are in your favor.

Bottom Line

If you postponed your move due to concerns about potential drops in home prices, rest assured that the data indicates a national upward trend. For a more detailed understanding of how home prices are evolving in your specific neighborhood, collaborate with a local real estate agent.

Post a Comment