Winnetka, IL Condos For Sale

Wondering What’s Going on with Home Prices

The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.


Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains:

U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”

 

Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words, today’s home prices aren’t in a freefall.

 

What Does This Mean for You?

If you currently own your house, you may be concerned about even the smallest decline in prices. But keep in mind how much home values grew over the last few years. Compared to that growth, any declines we’re seeing nationally are likely to be minimal. Selma Hepp, Chief Economist at CoreLogic, shares:

“. . . while prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak.”

It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the home prices in your area if you’re planning to make a move this spring.

 

The Spring Housing Market Could Be a Sweet Spot for Sellers [INFOGRAPHIC]

The Spring Housing Market Could Be a Sweet Spot for Sellers [INFOGRAPHIC] | MyKCM

Some Highlights

  • The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy.
  • The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market.
  • The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, let’s connect today. To understand what’s going on with home prices in our market and how they could impact your goals, let’s connect today.


Registration will begin April 3rd. All potential buyers will need to submit some documents, along with a CalHFA pre-approval letter from a lender as part of CalHFA's registration requirements.

Registration will close on April 29th. Shortly after, they will begin issuing vouchers in a lottery style to the winners. Each voucher lasts for 90 days so buyers who receive one will need to move quickly on their purchases.

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