Here’s what you need to know about the latest home price news.

If you've been keeping tabs on the housing market, you've likely come across conversations concerning home prices. Are they rising or falling? There’s a lot of confusion around this topic, so today, I’m sharing the latest home price trends in our area.

Usually, the trajectory of home prices during this time of year follows a familiar pattern. Home prices tend to experience more substantial increases during the spring and summer months. As the seasons transition to fall and winter, the rate of increase becomes more subdued, yet prices are still on the rise. This is precisely the scenario we are witnessing at present.

“It’s not unusual for home prices to increase slower during the colder months.”

In addition to this seasonal trend, we're also returning to slow-and-steady growth that is typical of a normal housing market. If you look at the chart at 0:58 in the video, you’ll see that home price growth exceeded the 49-year average for a long time. However, price growth is now returning to normal. This is likely due to a combination of higher interest rates and low inventory.

While this slowdown in price growth might seem scary, it could actually be a good thing. The rapid price growth we saw in the past just wasn’t sustainable. Now, our market could be set up for long-term stability and steady growth.

If you have questions about this topic or anything else, please call or email us. We are always willing to help!