Home Prices Are Climbing in These Top Cities

Home Prices Are Climbing in These Top Cities

Contemplating a home purchase or considering selling your current residence to find a better match? You're likely curious about the current trajectory of home prices. Here's the lowdown:

Recent national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) indicates that home prices are on the rise (see graphs below):

As evident from the data, home prices experienced a steady increase throughout much of 2023. However, during December and January, they remained relatively stable, which aligns with typical seasonal trends for that time of year.

Now, here's the key takeaway: as of February, with the onset of the spring market, home prices resumed their upward trajectory.

Home Prices Are Going Up in Most of America's Top Cities

Following the nationwide surge in home prices observed in February, you may be curious about the situation in your local region. While this can vary based on your geographical area, it's noteworthy that prices are ascending in 18 out of the top 20 cities featured in Case-Shiller's monthly price index (refer to the accompanying chart for detailed information).

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 prepared, motivated, and financially capable of purchasing a home, seizing the opportunity before further price increases may prove to be a wise decision. Given the anticipated ongoing ascent in home values, acting promptly could be advantageous.
• For Sellers: The increasing prices stem from the ongoing imbalance between the limited supply of homes for sale and the robust demand from today's buyers. Partnering with an agent to appropriately price your house could result in receiving multiple offers and achieving a speedy sale.

Bottom Line

The data indicates a national uptrend in home prices. It's worth having a conversation to delve into the specifics of how this trend is affecting prices in our neighborhood. Let's chat and gain insight into the local market dynamics.