Current Home Price Trends

June 1, 2024
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According to recent data shared by Fannie Mae, about one in four people believe that home prices are going to drop soon. If you fall into the camp of those who think so, here are some things that you need to be aware of. 

A lot of this belief is more than likely stemming from what we are seeing in headlines or in the media, but we all must realize that negative news is what sells. It is important to look to professionals in the industry to get the real story on what is happening in general and in your area. 

Home Prices Increased For Most of Last Year

Case-Shiller puts out data every month about changes in home prices. If you refer to their data from 2023 you would see that with the exception of January 2023 every month had month-over-month price increases ranging between 0.2% and 0.9%. It is also worth pointing out that in January most markets do see things experience a winter slow down so that would be relatively normal. Not as many people are looking to move during the holidays and at the start of the year so there is less activity seen then. Also, even the amount of decline seen in January at -0.2% was very small compared to the increases seen all throughout the year. 

To recap on all of that, Case Shiller explains: “Month-over-month numbers were relatively flat, . . . However, the annual growth was more significant for both indices, rising 7.4 percent and 6.6 percent, respectively.” 

If one of the organizations who are experts in tracking home price trends says the very slight dips are nothing to be concerned about then why worry? Even Case-Shiller is stating how those were negligible and how home prices actually grew over the year.

So ultimately the data shows that overall the home prices rose over the past year. If you have questions about what’s trending with home prices in your local area, be sure to reach out and speak with a trusted real estate professional such as myself.