Have Home Values Hit Bottom?

Whether you’re an existing homeowner or planning to own one, the recent home price headlines are likely to leave you with more questions than answers. , which has raised concerns about a repeat of what happened to home prices in the 2008 crash.One of the questions many people worry about because of these headlines is: How far will housing prices fall? But what you may not know is that professional forecasters aren’t calling for a plunge in prices.

There have been arguments that it may have been delayed, and even those numbers weren’t a significant drop nationally. It doesn’t matter how far you fall, the question becomes:Have house prices bottomed out?Let’s take a look at the latest data from several reputable industry sources (see chart below):

The chart above summarizes the latest reports from Case-Shiller, the Federal Housing Finance Agency (FHFA), Black Knight, and CoreLogic. Shows how home values ​​have changed nationwide month to month since January 2022. Figures for November and December have yet to be announced.

Notice what the red numbers represent. The red numbers are the reported change in house prices over the past four months. And if you isolate the past four months, the data anyway shows that the decline in house prices peaked in August.

While this doesn’t guarantee the home price selloff has bottomed out, it does confirm that prices haven’t plummeted and could be an early signal that the worst is over. The data could further support this national trend once the November and December figures are released.

Bottom Line

House prices have fallen every month since the last four months began their record, but there is strong evidence that the worst may be behind us. Contact us if you have any questions about what is happening to property prices in your local market.

Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area. https://www.kayahomesny.com/.

Bottom line

Mon, 30 Jan 2023 20:37:28 +0000

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