Where Are Home Prices Rising Most?
Are you considering buying a new home or selling your current one? If so, you’re likely curious about the latest trends in home prices. Here’s a look at where home prices are rising the most.
Recent national data from sources like Case-Shiller and the Federal Housing Finance Agency (FHFA) indicate that home prices are indeed climbing. While there was a period at the end of last year and the beginning of this year where prices stabilized — a common trend for the winter season — they have started to pick up pace again with the arrival of the spring market.
What’s Happening with Home Prices in Major Cities?
Following the national trend, home prices in most of America’s top cities began to rise again in February. This increase is noted in 18 of the top 20 cities covered by the Case-Shiller monthly price index.
This resurgence in prices isn’t just a blip on the radar; it’s part of a broader trend that experts believe will continue throughout the year. Forbes puts it succinctly:
“Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.”
What This Means for Buyers and Sellers
For Buyers: With prices expected to continue their ascent, getting into the market sooner rather than later could be a wise decision. If you’re in a position to buy, taking action now could save you from higher costs down the line as home values increase.
For Sellers: The current market dynamics are in your favor. The limited number of homes available, coupled with strong buyer demand, means that if you and your agent price your home correctly, you could see multiple offers come in quickly and possibly sell your home faster than you might expect.
What’s Your Next Move?
The takeaway here is clear: home prices are on an upward trajectory nationally, and this trend is mirrored across Colorado. If you’re pondering a real estate move, let’s connect. Along with your agent, we can discuss the specifics of what’s happening with home prices in your area and strategize the best steps for you, whether you’re buying or selling.
