Don’t Let the Latest Home Price Headlines Confuse You
Don’t Let the Latest Home Price Headlines Confuse You
Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture.
If you look at the national data for 2023, home prices actually showed positive growth for the year.
The overarching story is that prices went up last year, not down. Let’s dive in to the data to set the record straight.
2023 Was the Return to More Normal Home Price Growth
If anything, last year marked a return to more normal home price appreciation. To prove it, here’s what usually happens in residential real estate.
In the housing market, there are predictable ebbs and flows that take place each year. It’s called seasonality. Home prices follow along with this seasonality because prices grow the most when there’s high demand.
What You Really Need To Know
Headlines are going to call attention to the small month-to-month dips instead of the bigger year-long picture. And that can be a bit misleading because it’s only focused on one part of the whole story.
Instead, remember last year we saw the return of seasonality in the housing market – and that’s a good thing after home prices skyrocketed unsustainably during the ‘unicorn’ years of the pandemic.
And just in case you’re still worried home prices will fall, don’t be. The expectation for this year is that prices will continue to appreciate as buyers re-enter the market due to mortgage rates trending down compared to last year.
Don’t let home price headlines confuse you. The data shows that, as a whole, home prices rose in 2023. If you have questions about what you’re hearing in the news or about what’s happening with home prices in our local area, DM me.
#realestate #homeownership #homebuying #realestategoals #realestatetips #realestatelife #realestatenews #realestateagent #realestateexpert #realestateagency #realestateadvice #beverlyhills #losangeles #westhollywood #brentwood #malibu #pacificpalisades #santamonica #venice #westlake #california #calabasas #claremont