If you’re staying updated with the current events, you might be uncertain about the situation regarding home prices and worry about the possibility of further decline. The headlines circulating today may be creating an overly pessimistic view. However, it’s important to note that home prices in New York aren’t experiencing a significant drop. Recent data presents a different, more positive narrative. Although local trends in home prices differ across markets, let’s explore what the national data reveals.
By around August or September, the downward trend started to stabilize. Examining the latest data for the early part of 2023, these graphs also demonstrate a recent resurgence in momentum, with prices gradually increasing once again. As we transition into the bustling spring season, the monthly fluctuations in home prices are gaining momentum.
Although it is important to remember that short-term fluctuations do not establish a long-term trend, the notable aspect is that all three reports indicate a stabilization of prices. This development is an encouraging sign for the housing market. The month-over-month data presents a distinct and early consensus that a nationwide shift is currently underway. In essence, home prices are beginning to show an upward trend once again.
According to Andy Walden, the Vice President of Enterprise Research at Black Knight, there has been a notable shift in home price trends. He states, “Just five months ago, prices were experiencing a decline in 92% of all major U.S. markets when considering the seasonally adjusted month-over-month basis. However, if we fast forward to March, the situation has taken a complete turn, with prices now showing an upward trajectory in 92% of the markets compared to February.” This statement highlights the significant turnaround and positive momentum observed in the housing market.
Selma Hepp, the Chief Economist at CoreLogic, sheds light on the contributing factor behind this positive shift by emphasizing the limited supply of homes available for sale. She explains that in many major metropolitan areas, it seems that prices have reached a turning point, as evidenced by the United States experiencing two consecutive months of monthly price gains. The rebound in home prices on a monthly basis serves as a reminder of the persistent issue of low inventory within this housing cycle. The scarcity of available homes for sale has exerted upward pressure on prices.
Here’s What This Means for You
• Sellers: If you’ve been hesitant to sell your home due to concerns about the impact of home price declines on its value, it might be the right time to reconsider. Collaborating with a real estate agent to list your house can now be a favorable decision, as the latest data indicates a positive turn in the market. You no longer have to delay fulfilling your needs because the current trends are working in your favor.
• Buyers: If you’ve been postponing your home purchase due to fears of buying a property that might depreciate in value, you can now find reassurance in the market’s positive outlook. Seizing the opportunity to buy now will provide you with the peace of mind that things are improving. By acting promptly, you can secure your desired property before prices rise further and take advantage of homeownership as a valuable asset that typically appreciates over time.
Bottom Line
If you have delayed your plans to relocate due to concerns about declining home prices, rest assured that the latest data indicates that the most severe price declines have already occurred and prices are now on the rise nationwide. It would be beneficial to connect with a local market expert who can provide insights and explain the current trends in home prices specific to our area. By seeking their guidance, you can make informed decisions and gain a better understanding of the local market dynamics. Don’t hesitate to reach out so that we can connect you with an expert who can assist you in navigating the current situation.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Mon, 22 May 2023 21:17:26 +0000
The detailed monthly view reveals a distinctive narrative of two halves in the housing market over the past year. During the first half of 2022, home prices experienced a steady ascent, reaching their peak in June. However, a shift occurred in July when home prices began to decline, as indicated by the red trend lines in the aforementioned graphs.
By around August or September, the downward trend started to stabilize. Examining the latest data for the early part of 2023, these graphs also demonstrate a recent resurgence in momentum, with prices gradually increasing once again. As we transition into the bustling spring season, the monthly fluctuations in home prices are gaining momentum.
Although it is important to remember that short-term fluctuations do not establish a long-term trend, the notable aspect is that all three reports indicate a stabilization of prices. This development is an encouraging sign for the housing market. The month-over-month data presents a distinct and early consensus that a nationwide shift is currently underway. In essence, home prices are beginning to show an upward trend once again.
According to Andy Walden, the Vice President of Enterprise Research at Black Knight, there has been a notable shift in home price trends. He states, “Just five months ago, prices were experiencing a decline in 92% of all major U.S. markets when considering the seasonally adjusted month-over-month basis. However, if we fast forward to March, the situation has taken a complete turn, with prices now showing an upward trajectory in 92% of the markets compared to February.” This statement highlights the significant turnaround and positive momentum observed in the housing market.
Selma Hepp, the Chief Economist at CoreLogic, sheds light on the contributing factor behind this positive shift by emphasizing the limited supply of homes available for sale. She explains that in many major metropolitan areas, it seems that prices have reached a turning point, as evidenced by the United States experiencing two consecutive months of monthly price gains. The rebound in home prices on a monthly basis serves as a reminder of the persistent issue of low inventory within this housing cycle. The scarcity of available homes for sale has exerted upward pressure on prices.
Here’s What This Means for You
• Sellers: If you’ve been hesitant to sell your home due to concerns about the impact of home price declines on its value, it might be the right time to reconsider. Collaborating with a real estate agent to list your house can now be a favorable decision, as the latest data indicates a positive turn in the market. You no longer have to delay fulfilling your needs because the current trends are working in your favor.
• Buyers: If you’ve been postponing your home purchase due to fears of buying a property that might depreciate in value, you can now find reassurance in the market’s positive outlook. Seizing the opportunity to buy now will provide you with the peace of mind that things are improving. By acting promptly, you can secure your desired property before prices rise further and take advantage of homeownership as a valuable asset that typically appreciates over time.
Bottom Line
If you have delayed your plans to relocate due to concerns about declining home prices, rest assured that the latest data indicates that the most severe price declines have already occurred and prices are now on the rise nationwide. It would be beneficial to connect with a local market expert who can provide insights and explain the current trends in home prices specific to our area. By seeking their guidance, you can make informed decisions and gain a better understanding of the local market dynamics. Don’t hesitate to reach out so that we can connect you with an expert who can assist you in navigating the current situation.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Mon, 22 May 2023 21:17:26 +0000
by Mottek Group