Home Prices Moving on Up

Dreaming of buying your own place, or selling your current house to upgrade, you’re probably no stranger to the emotions that changing home prices, mortgage rates and low inventory can stir up.

But if you put off moving because you’re worried home prices might drop, make no mistake, they’re not going down. In fact, it’s just the opposite.  Home Prices are going UP.

The median existing-home sales price grew 2.8% from one year ago, marking the third consecutive month of year-over-year price increases.

So far in 2023, prices are going up once more, but this time at a more normal pace or a typical price appreciation and that is good news for the housing market.

Orphe Divounguy, Senior Economist at Zillow, explains changing home prices over the past 12 months this way: “The U.S. housing market has surged over the past year after a temporary hiccup from July 2022-January 2023. . . . That downturn has proven to be short lived as housing has rebounded impressively so far in 2023. . .

Bottom Line: If  you put off moving because you were worried that home prices might go down, data shows they’re increasing across the country. Work with a local real estate agent to understand how home prices are changing in your local area.

Courtesy: Keeping Current Matters 09/2023, NAR Troy Green 10/19/2023, Zillow Orphe Divounguy 2023