What’s Going on with Home Prices? Ask a Professional.
If you're thinking about buying or selling a home this year, you might be wondering what's going on with home prices right now as the market cools. In the most basic sense, experts do not expect prices to plummet nationally, but the level of home price moderation will be determined by factors such as supply and demand in each local market.
This means that, in the future, home price appreciation will continue to vary by location, with more significant changes occurring in hotter areas. Here's a quick summary of what the experts have to say:
Danielle Hale, Chief Economist at realtor.com, says:
“The major question on the minds of homeowners and aspiring buyers alike is what will happen to home prices. . . Soaring prices were propelled by all-time low mortgage rates which are a thing of the past. As a result, home price growth is expected to continue slowing, dipping below its pre-pandemic average to 5.4% for 2023, as a whole.”
Mark Fleming, Chief Economist at First American, says:
“House price appreciation has slowed in all 50 markets we track, but the deceleration is generally more dramatic in areas that experienced the strongest peak appreciation rates.”
Taylor Marr, Deputy Chief Economist at Redfin, says:
“For those bearish folks eagerly awaiting the home price crash, you’ll have to keep waiting. As much as demand is pulling back supply is as well reducing downward pressure on prices in the short run.”
John Paulson, Founder of Paulson & Co., says:
“It’s true – housing may be a little frothy. So housing prices may come down or they may plateau . . .”
What Does This Mean for You?
Working with a local real estate advisor is the best way to get the answers you need. They will be able to explain the most recent trends in your specific market so you can make an informed decision about your next step in buying or selling a home.
If you have any questions about current home prices, contact a real estate professional for information on your specific market.
For more listings, click the link below:
Contact us at: