Thinking about buying a home or selling your current one to find a better fit? If so, you might wonder what's going on with home prices. Here's the scoop.
The latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) shows they’re going up (see graphs below):
As you can see, home prices rose for most of 2023. But throughout December and January, they were virtually flat—which is pretty normal for that time of year.
But here's what you need to know now: Prices were on the rise again in February, when the spring market kicked off.
Home Prices Are Going Up in Most of America's Top Cities
After seeing a jump in home prices nationally in February, you might wonder if they’re also going up in your area. While it depends on where you live, prices are rising in 18 of the top 20 cities Case-Shiller reports on in the monthly price index (see chart below):
Most experts also think home prices will keep rising and end the year on a high note. Forbes explains why:
“Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.”
How This Impacts You
- For Buyers: If you’re ready, willing, and able to buy a home, purchasing before prices increase might be a wise choice since home values are expected to keep climbing.
- For Sellers: Prices are increasing because there still aren’t enough homes available for sale now compared to today’s buyer demand. So, if you work with an agent to price your house right, you might receive multiple offers and sell quickly.
Bottom Line
The data shows that home prices are increasing nationally. Let's chat to find out exactly what’s happening with prices in our neighborhood.
