Have Home Values Hit Bottom?
If you’re looking to invest in real estate, the latest news regarding property prices might have thrown a wrench into your plans. But take heart – experts are sure that we won’t experience another crash like in 2008! The data predicts most of the month-over-month price drops may already be over on a nationwide level, and there weren’t even any major national declines observed so far. With this information putting fears to rest, now could be an excellent time for prospective homeowners or current owners alike to make their move!
Let’s take a look at the latest data from several reputable industry sources (see chart below):
This chart takes a look at the most recent reports from Case-Shiller, the Federal Housing Finance Agency (FHFA), Black Knight, and CoreLogic. It shows how, on a national scale, home values have changed month-over-month since January 2022. At the time of this blog post, November and December 2022 numbers have yet to be published.
So what does this mean? The red numbers are the change in home values over the last four months that have been published. Given that information, if we isolate the last four months, in each case, home price depreciation peaked in August.
While that doesn’t guarantee home price depreciation has hit bottom, it confirms prices aren’t in a free fall (cue applause!), and it may be an early signal that the worst is already behind us. As the numbers for November and December are released, data will be able to further validate this national trend.
All in all, there’s good news for those looking to buy a house! Home prices have taken an expected slump in recent months, but there is optimism that we may finally be turning the corner. If you’re curious about where local home pricing stands now and what future trends it might take – let’s talk! Our team of experienced agents is ready to help you achieve your real estate goals! ☎ Give us a call! 📲 919-374-8468