What’s Happening With Home Prices?

If you're thinking about selling your home, but the recent headlines about home prices have you second guessing, here some context those headlines are missing. 

The chart below shows the growth of home prices since January 2019 and while home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. 

What does this mean? 

On average in most markets home values are up almost 10% over the last year- and a 10% gain is still substantial compared to a more normal level of appreciation (3-4%). Here’s what Chief Economist  Mark Fleming from First American has to say about equity growth.

“Potential home sellers gained significant amounts of equity over the pandemic, so even as affordability-constraints, buver demand sours price declines in some markets. potential sellersare unlikely to lose all that they have gained.”

Bottom Line 

If you're thinking of selling your home it’s important to remember that although some markets have seen prices moderate, the value of most homes are still up about 10%. 

So don’t let the headlines scare you out of your plans to sell. Let’s connect to find out how much equity you have in your current homes and how you can use it to power your move.