Looking to buy a home or sell your current home to find a better home? So you might be wondering what house prices are these days. Here’s the scoop.
The latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) show that they are on the rise (see chart below):
As you can see, home prices have been rising for most of 2023. However, it remained fairly flat in December and January. This is normal for that period. But what do you need to know now. Ever since the spring market started in February, the classes have grown again. Home prices are rising in many of America’s hottest cities.
After seeing home prices skyrocket across the country in February, you might be wondering if the same will happen in your area. It depends on where you live, but Case-Shiller reports that prices are rising in 18 of the top 20 cities in its monthly price index (see chart below):
Most experts also think home prices will keep rising and end the year on a high note. Forbes explains why:
“Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.”
How This Impacts You
- For Buyers: If you’re ready, willing, and able to buy a home, purchasing before prices go up even more might be a smart choice, since home values are expected to keep climbing.
- For Sellers: Prices are going up because there still aren’t enough homes available for sale right now compared to today’s buyer demand. So, if you work with an agent to price your house right, you might receive multiple offers and sell quickly.