A sign is posted in front of a home for sale on May 11, 2023 in San Francisco, California. Home prices are rising but not at the same as was the case two years ago, housing economists say.
Are the value of homes not accumulating as fast as in previous years?
Some housing economists say that prices are not accelerating as fast compared to previous years.
“Home prices are not going up as fast as they had,” Danielle Hale, chief economist at realtor.com, told
Newsweek.
According to realtor.com, house prices are still rising. Year-to-date the median listing price of a home was up 1.1 percent. At the same time last year, the median listing price had risen 7.9 percent.
Redfin, another real-estate platform, showed that a median sale price was up 5.2 percent to $402,343 in January, the largest increase since September 2022.
Orphe Divounguy, a senior economist at Zillow, the housing market is active with inventory jumping by 3 percent with listings also going up by 6 percent amid mortgage rates hovering in the high 6 percent levels.
“January usually sees a big increase in new homes hitting the market compared to December, and this year was no different,” Divounguy told Newsweek. “However, despite this increase, January’s boost was relatively modest compared to pre-pandemic years. Still, home values are still higher than year-ago levels in 47 of the 50 largest markets.”
Elevated mortgage rates have discouraged buyers from entering the market but borrowing costs are lower than they were a year ago.
“But buyers who are ready now, have the opportunity to cash in before the spring rush,” Divounguy said. “Looking ahead, upward revisions to population growth estimates and higher inflation-adjusted real income—up 4.2% [year-on-year]—are expected to support housing demand and could exert pressure on prices.”
The Zillow Home Value Index shows that the value of a home is about $343,000 as of January 2024. That was more than the $332,500 from the year previously, about a $10,000 increase. In January 2022, the value of a home was close to $308,000, suggesting that between 2022 and 2023, the value of a home went up by more than $24,000.
Asked if that dynamic suggests whether it was a still good time to invest in a home, the housing economist Newsweek said buying property was a personal decision that Americans will have to think deeply about.
“Determining if it’s a good time to buy a home depends on things like personal circumstances and market conditions,” Divounguy told Newsweek and suggested that buyers should consult experts like loan officers and real estate agents.
“Ultimately, the decision should align with your financial goals, long-term plans, and affordability,” he added.
For realtor.com’s Hale the question of whether buying or not as a financial decision could come down to how long they will choose to stay in a home.
“Even if home prices are growing more slowly, a home purchase can be the better choice if you’re going to be in the home long enough, or if rents are expected to go up,” she told Newsweek.
Disclaimer: The content provided in this article is for informational purposes only. Neither Newsweek nor the authors engaged in the production of this piece are licensed realtors. The information presented herein is not intended as real estate advice.
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