Home Prices Continue to Rise in These Major Cities

Are you considering buying a new home or selling your current one to find something that better suits your needs? If so, you may have questions about the current state of the housing market. Here's a breakdown of what you need to know.

Amidst the ongoing discussions surrounding the housing market, there's a prevalence of conflicting information. However, despite the prevailing uncertainties, national data clearly indicates a resurgence in home prices, as evident in the graphs below.

As you can see (reference image of an upward trend in home prices over time), home prices skyrocketed during the first half of 2022. These rapid increases were undeniably unsustainable, leading to price adjustments in the second half of the year. However, these dips were minor and short-lived. Despite their brevity, they attracted significant media attention, potentially fueling unnecessary concerns.

Crucial to understand is that in 2023, home prices are once again on the rise, but this time at a more standard rate. The positive development lies in the alignment of all three reports, indicating more typical price increases for the housing market this year.

Home Prices Are Rising Across the Top Cities in the U.S.

Following consistent nationwide home price growth in recent months, you might be curious about the trend in your local market. While price movements vary across regions, the Case-Shiller Home Price Index, which tracks monthly price changes in top cities, indicates that home values are rising in these areas.

Given the current upward trajectory of home prices, numerous experts anticipate that the trend will continue through the end of 2023 and into 2024.

Here’s How This Affects You

• For Buyers: If you've delayed buying a home due to concerns about potential value depreciation, the current upward trend in home prices should assuage your worries. Purchasing a home before prices escalate further can be a prudent decision, as home values generally appreciate over time.
• For Sellers: If you've been hesitant to sell your home due to concerns about the impact of fluctuating home prices on its value, now might be an opportune time to collaborate with a real estate agent to list your property. The data clearly indicates that home prices are favorable for sellers, so there's no need to wait any longer.

Bottom Line

If you've put off moving due to concerns about a potential decline in home prices, rest assured – the national data indicates that prices are on the rise. To gain a clearer picture of how home prices are trending in your specific neighborhood, consider collaborating with a local real estate agent.