There’s been a lot of talk about home prices lately, making it hard to know what’s really happening. Some suggest a correction is coming, but here are the facts:
In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices. However, the housing market doesn’t have the same established definitions. In today’s housing market, a correction doesn’t mean a dramatic fall in home prices. It means prices, which have been rapidly increasing, are now growing at a slower pace. Nationally, we aren’t seeing a significant drop.
From 2020 to 2022, home prices soared due to high demand and low interest rates. Now - two years later, price growth is slowing, indicating trends towards a more normal market. Recent data shows prices are rising, but at a healthier pace compared to the pandemic.
Experts forecast a moderation in home price growth over the next five years. This translates to a slower and more sustainable pace of appreciation, rather than a free fall in prices.
Slower price growth is good news if you’re looking to buy a home. While prices rose dramatically during the pandemic, they’re now becoming more manageable. Slowing price appreciation and moderate mortgage rates could help — so the dream of homeownership isn't boarded up just yet.
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Nationally, home prices aren’t going down. Experts forecast moderate growth moving forward.
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Prices vary by location, so if you have questions about your specific area, please reach by replying to this email or calling at
Warm regards,
Carin & David Becker
