What's Really Happening with Home Prices?
If you're thinking about selling your house, recent headlines about home prices may have you second guessing your decision. Here's the context those headlines are missing.
Home Price Growth Since January 2019 Year-Over-Year Percent Change in Home Prices
While moderating in recent months, the percent of price appreciation year-over-year is still well above more normal years in the market.
- More Normal Years (Jan 2019-mid-2020): 3-4% appreciation
- Latest Data: Almost 10% appreciation
What This Means if You're Thinking of Selling Your House
In most markets, your home's value, on average, is up almost 10% over last year - and a 10% gain is still dramatic compared to a more normal level of appreciation (3-4%). That gives you equity you can use to power a move.
Mark FlemingChief Economist, First American
Potential home sellers gained significant amounts of equity over the pandemic, so even as affordability-constrained buyer demand spurs price declines in some markets, potential sellers are unlikely to lose all that they have gained.
Don't let the headlines get in the way of your plans to sell. Let's connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
