Optimistic Homebuying Season Ahead - Home Prices Continue to Decline
Price growth for single-family homes has slowed to a rate we haven't seen since late summer of 2020!
According to a report from CoreLogic, there's been a 3% cumulative drop in prices since last spring's peak.
The study also showed that only nine states had double-digit annual price increases by the end of 2022. In April of that same year, 48 states reported double-digit gains.
That's a notable decline that spells good news for those looking to buy in 2023!
Signs the Market is Correcting
Various areas throughout the country became overwhelmingly popular during the COVID-19 pandemic, stimulating prices to jump and, unfortunately, affordability slowly erode. However, these same areas are seeing the most significant market correction.
This same report anticipates another 0.2% decline in home prices. As a reminder, mortgage rates have also been inching downward for the past few weeks.
Serious homebuyers are urged to act quickly as this decline in both rates and home appreciation could make a competitive market even more challenging as shoppers re-enter the market.