Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what's going on with home prices these days. Here's the scoop.
The latest national data from Case Schiller and the Federal Housing Finance Agency (FHFA) shows they’re going up (see graph below):
As you can see, home prices were rising for most of 2023. But over the course of December and January, they were virtually flat – which is pretty normal for that time of year.
But here's what you need to know now. As of February, when the spring market kicked off, prices were on the rise again.
Home prices are rising. According to The Case-Shiller U.S. National Home Price NSA Index, the housing market reported a 6.4% annual gain. The Chicago area posted a year-over-year increase of 8.9%.
Most experts also think home prices will keep rising and end the year on a high note. Forbes explains why:
“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.”
The data shows home prices are increasing nationally. Let's chat to see exactly what’s going on with prices in our neighborhood.
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