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, 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 impacted demand, low inventories of homes for sale have helped maintain relatively flat house prices.
The average decrease in the last two quarters is about .47, which is less than half of 1%.  

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. 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 experts from The Marzeotti Group or a real estate professional for the latest information on the home prices in your area if you’re planning to make a move this spring.

To understand what’s going on with home prices in your market and how they could impact your goals, contact The Marzeotti Group at 617-519-1871 or a local real estate professional today.