If you’re wondering about home prices, know they’re still going up nationally. They’re just not rising as fast as they were earlier in the year. Historically, that’s perfectly normal.
Home prices go up most in the spring when more people buy, and then they slow down as the year goes on. As you can see, this is a regular pattern.
Here’s the same average price movement compared to what’s happened so far this year. Except for January, price growth is getting closer to what’s typical for the market.
“High mortgage rates have slowed additional price surges, with monthly increases returning to regular seasonal averages. In other words, home prices are still growing but are in line with historic seasonal expectations.” – Selma Hepp, Chief Economist, CoreLogic
Home prices are going back to normal seasonal trends and that’s a good thing. If you’re curious about prices in our area, let’s connect.