Home prices have rebounded and on the rise again. If you have questions about what your home is worth, just get in touch - www.completerealtyteam.com/ or give us a call at 404-410-6465.

If you've been paying attention to the news lately, you might be wondering what's going on with housing prices and whether or not the worst is yet to come. This is because today's headlines create an overly dismal picture. In a year-over-year comparison, home prices did fall slightly, but that's because we're comparing to a 'unicorn' year when prices rose far beyond the norm.

The property market has been divided into two groups during the last year. Home prices were rapidly rising in the first half of 2022. However, beginning in July, prices began to fall.By August or September, the tendency had begun to level out, and the most current data for early 2023 show that prices are rising again.

According to Case-Shiller, FHFA, and Corelogic, prices began to climb again across the country as early as February of this year. The fact that all three reports show that prices have been rising for three or more months in a row is a good indicator for the housing market. The month-over-month data indicates a national change is taking place: home prices are once again growing.

According to Craig J. Lazzara, Managing Director of S&P Dow Jones Indices, home price trends are as follows:

“If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument.”

Experts say that one of the reasons prices did not drop as predicted is because there aren't enough available properties to accommodate the quantity of individuals who want to buy them. Even with today's low mortgage rates, there are more buyers than there are available homes.

Mark Fleming, Chief Economist at First American, explains how having more demand than supply keeps prices rising:

“History has shown that higher rates may take the steam out of rising prices, but it doesn’t cause them to collapse entirely. This is especially true in today’s housing market, where the demand for homes continues to outpace supply, keeping the pressure on house prices."

According to Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, home price increase is exceeding estimates due to high demand:

“. . . housing prices continue to show stronger growth than what was previously expected . . . Housing’s performance is a testimony to the strength of demographic-related demand . . .”

Here's How It Will Affect You

Buyers: If you've been putting off buying because you were afraid the value of your home might fall, knowing home prices have recovered should provide some peace. It also allows you to possess something that will typically increase in value over time.

Sellers: If you've been putting off selling your home because you're worried about how changing home prices may affect its worth, it could be a smart idea to work with a real estate agent to market it. You don't have to wait any longer because the most recent data indicates that things are going in your favor.

In conclusion

If you put off moving because you were worried about home prices falling, the newest data shows that the worst is already past, and prices are rising across the country. Let's talk so you know what's going on with housing prices in our neighborhood, and find you the perfect home before prices rise more.

If you want to buy or sell a home in Cobb County or the Atlanta area or just have questions, please don’t hesitate to get in touch with us!

Complete Realty Team
Ken Mandich - REALTOR®
Phone: 404-410-6465
Main Site: www.completerealtyteam.com/
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Address: 1642 Powers Ferry RD Unit 150
Marietta, GA 30067
Email: admin@completerealtyteam.com

Brokerage:
ERA Sunrise Realty
David Moody - Broker
Office: 678-781-7400
Email: david.moody@era.com

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