[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1t6ngpte1z7ex":3,"$ffeh0925h8cuz":39,"$fbwk2pqjjqsc7":43},{"item":4,"previous":27,"next":33},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":26},57709,"are-home-prices-going-to-come-down","Are Home Prices Going To Come Down?","\u003Cp>\u003Cspan style=\"color: rgb(0, 0, 0);\">Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening.\u003C\u002Fspan>\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240726\u002F20240729-Are-Home-Prices-Going-To-Come-Down-original.png","\u003Cp>Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.\u003C\u002Fp>\u003Cp>Here’s what Danielle Hale, Chief Economist at \u003Cem>Realtor.com\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fmoney.com\u002Fhousing-market-correction-federal-reserve\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">says\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote> \u003Cem>“In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . \u003C\u002Fem>\u003Cstrong>\u003Cem>We don't have the same established definitions in the housing market.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means prices, which have been increasing rapidly over the last couple years, are normalizing a bit. In other words, they’re now growing at a slower pace. \u003Cstrong>Prices vary a lot by local market, but rest assured, a big drop off isn’t what’s happening at a national level.\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch4>\u003Cstrong>The Real Estate Market Is Normalizing\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>From 2020 to 2022, home prices skyrocketed. That rapid increase was due to high demand, low interest rates, and a shortage of homes for sale. But, that kind of aggressive growth couldn’t continue forever.\u003C\u002Fp>\u003Cp>Today, price growth has started to slow down, which is a sign the market is beginning to normalize. The most recent \u003Ca href=\"https:\u002F\u002Fwww.spglobal.com\u002Fspdji\u002Fen\u002Findices\u002Findicators\u002Fsp-corelogic-case-shiller-20-city-composite-home-price-nsa-index\u002F#news-research\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">data\u003C\u002Fa> from \u003Cem>Case-Shiller\u003C\u002Fem> shows that after being basically flat for a couple of months last year, prices are going up at a national level – just not as quickly as before (\u003Cem>see graph below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240726\u002F20240729-Home-Prices-Are-Moderating-original.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240726\u002F20240729-Home-Prices-Are-Moderating-original.png\" alt=\"No Caption Received\">\u003C\u002Fa>The big takeaway? So far this year, there’s been a much healthier pace of price growth compared to the pandemic.\u003C\u002Fp>\u003Cp>Of course, that’s what’s happening now, but you may be wondering what’s next for prices. Marco Santarelli, the Founder of \u003Cem>Norada Real Estate\u003C\u002Fem> \u003Cem>Investments\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fwww.noradarealestate.com\u002Fblog\u002Freal-estate-forecast-next-5-years\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">says\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“\u003C\u002Fem>\u003Cstrong>\u003Cem>Expert forecasts lean towards a moderation in home price growth over the next five years.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> This translates to a slower and more sustainable pace of appreciation compared to the breakneck speed witnessed in recent years, rather than a freefall in prices.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>It’s all about supply and demand. Increasing inventory plus limited buyer demand, due to relatively high mortgage rates, will continue to ease some of the upward pressure on prices.\u003C\u002Fp>\u003Ch4>\u003Cstrong> What This Means for You\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cstrong> \u003C\u002Fstrong>If you’re thinking about \u003Ca href=\"\u002F2024\u002F07\u002F19\u002Fthe-biggest-mistakes-homebuyers-are-making-right-now\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">buying a home\u003C\u002Fa>, slowing price growth is welcome news. Skyrocketing home prices during the pandemic left many would-be homebuyers feeling priced-out. \u003C\u002Fp>\u003Cp>While it’s still a good thing to know the \u003Ca href=\"\u002F2024\u002F07\u002F03\u002Fhomeowners-gained-28k-in-equity-over-the-past-year\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">value\u003C\u002Fa> of the home you buy will likely continue to \u003Ca href=\"\u002F2024\u002F07\u002F02\u002Freal-estate-still-holds-the-title-of-best-long-term-investment\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">go up\u003C\u002Fa> once you own it, slowing price gains are making things feel \u003Ca href=\"\u002F2024\u002F07\u002F18\u002Funlocking-homebuyer-opportunities-in-2024\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">more manageable\u003C\u002Fa>. Odeta Kushi, Deputy Chief Economist at \u003Cem>First American\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fx.com\u002FNatMortgageNews\u002Fstatus\u002F1810856489231217052\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">says\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“While housing affordability is low for potential first-time home buyers, \u003C\u002Fem>\u003Cstrong>\u003Cem>slowing price appreciation and lower mortgage rates could help\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> — so the dream of homeownership isn't boarded up just yet.”\u003C\u002Fem>\u003C\u002Fblockquote>","\u003Cp>At the national level, home prices are not going down. And most experts forecast they’ll continue growing moderately moving forward. But prices vary a lot by local market. That’s where a trusted \u003Ca href=\"\u002F2024\u002F07\u002F15\u002Fwhy-working-with-a-real-estate-professional-is-crucial-right-now\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">real estate agent\u003C\u002Fa> comes into play. If you have \u003Ca href=\"\u002F2024\u002F07\u002F16\u002Fhow-to-determine-if-youre-ready-to-buy-a-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">questions\u003C\u002Fa> about what’s happening with prices in our area, reach out.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240726\u002F20240729-Home-Prices-Are-Moderating-original.png",false,[17,21],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices","2024-07-29T10:30:00Z","2024-07-29T10:30:27Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},57677,"unlocking-the-benefits-of-your-homes-equity","Unlocking the Benefits of Your Home's Equity","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240725\u002FUnlocking-the-Benefits-of-Your-Home-Equity-KCM-Share-original.jpg","2024-07-26T10:30:00Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},57530,"the-biggest-mistakes-sellers-are-making-right-now","The Biggest Mistakes Sellers Are Making Right Now","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240723\u002F20240730-The-Biggest-Mistakes-Sellers-Are-Making-Right-Now-original.png","2024-07-30T10:30:00Z",{"cover":40,"open":41,"shareSpread":42},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[44,48,49,53,57,61,62,66,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154],{"id":45,"name":46,"slug":47},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":50,"name":51,"slug":52},6,"For Sellers","sellers",{"id":54,"name":55,"slug":56},7,"Foreclosures","foreclosures",{"id":58,"name":59,"slug":60},8,"Infographics","infographics",{"id":22,"name":23,"slug":24},{"id":63,"name":64,"slug":65},11,"First-Time Buyers","first-time-buyers",{"id":67,"name":68,"slug":69},34,"Senior Market","senior-market",{"id":71,"name":72,"slug":73},35,"Mortgage Rates","mortgage-rates",{"id":75,"name":76,"slug":77},38,"Move-Up","move-up",{"id":79,"name":80,"slug":81},41,"For Sale by Owner","for-sale-by-owner",{"id":83,"name":84,"slug":85},42,"Featured","featured",{"id":87,"name":88,"slug":89},45,"New Construction","new-construction",{"id":91,"name":92,"slug":93},52,"Luxury \u002F Vacation","luxury--vacation",{"id":95,"name":96,"slug":97},53,"Rent vs. Buy","rent-vs-buy",{"id":99,"name":100,"slug":101},80,"Time-sensitive","time-sensitive",{"id":103,"name":104,"slug":105},81,"Outdated","outdated",{"id":107,"name":108,"slug":109},147,"Internal","internal",{"id":111,"name":112,"slug":113},148,"Do Not Autopost","do-not-autopost",{"id":115,"name":116,"slug":117},320,"Inventory","inventory",{"id":119,"name":120,"slug":121},321,"Agent Value","agent-value",{"id":123,"name":124,"slug":125},322,"Affordability","affordability",{"id":127,"name":128,"slug":129},323,"Buying Tips","buying-tips",{"id":131,"name":132,"slug":133},324,"Downsize","downsize",{"id":135,"name":136,"slug":137},325,"Economy","economy",{"id":139,"name":140,"slug":141},326,"Equity","equity",{"id":143,"name":144,"slug":145},327,"Forecasts","forecasts",{"id":147,"name":148,"slug":149},328,"Selling Tips","selling-tips",{"id":151,"name":152,"slug":153},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":155,"name":156,"slug":157},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]