What’s Really Happening with Home Prices?

If you're thinking about selling your house, recent headlines about home prices may have you second guessing your decision.

Here's the context those headlines are missing.

While moderating in recent months, the percent of price appreciation year-over-year is still well above more normal years in the market.

$ More Normal Years (January 2019-mid-2020): 3-4% appreciation
$ Latest Data: Almost 10% appreciation

What This Means if You're Thinking of Selling Your House

In most markets, your home's value, on average, is up almost 10% over last year -  and a 10% gain is still dramatic compared to a more normal level of appreciation (3-4%). That gives you equity you can use to power a move.

"Potential home sellers gained significant amounts of equity over the pandemic, so even as affordability-constrained buyer demand spurs price declines in some markets, potential sellers are unlikely to lose all they have gained."

Mark Fleming
Chief Economist, First American

Some Highlights

If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.

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. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.

Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.