Let’s demystify what’s been happening with home prices this year.
Are you curious about the current state of home prices? You’re not alone. Many potential sellers have been wondering what’s happening in the housing market. The good news is that home prices are not falling; rather, price growth is returning to a more typical level. Let’s delve into the details to get a better understanding of the situation.
To comprehend the current housing market, it’s essential to consider the seasonal patterns that have historically influenced home prices. Over the past 49 years, a clear trend has emerged. Price growth typically starts off slowly at the beginning of the year, then accelerates during the spring homebuying season, and eventually cools off in the second half of the year. This is what we call typical seasonality in the real estate market.
Now, let’s compare this historical pattern with what’s happening so far in the current year. The data for the year indicates that, except for January, we are aligning more closely with the traditional price growth cycle. This alignment is generally considered a positive sign.
Although we’re well into the year, there are still a couple of months left in 2023. As we move forward, it’s crucial to keep an eye on the trend to see if it continues along the expected trajectory. Rest assured, we will keep you updated with the latest data as it becomes available.
If you have questions or need more information about the real estate market, you can reach out to us anytime. You can contact us directly at 502-376-5483, or you can email us at Bob@WeSellLouisville.com. We are here to provide you with the insights you need.