What's Really Happening with Home Prices Today?
Most of the headlines you might be reading say that homes are continuing to appreciate, although there are also sellers that are having to reduce the price of their home. This can lead to confusion and it makes it difficult, as a licensed agent, to provide a clear picture of the market and what’s actually happening.
DEPRECIATION is when a home’s price decreases.
DECELERATION is when home prices continue to rise, but at a slower, more moderate speed.
Many agree that, at a national level, what we are seeing is a deceleration, meaning home prices are still appreciating, just not at a record-breaking pace as they were a year prior. According to CoreLogic, in 2021 data told us that home prices appreciated at an average of 15% nationally. Earlier this year, this appreciation was at nearly 20%. This year, experts are suggesting that home prices will decelerate to about 10 to 11% appreciation.
Source: Keeping Current Matters