The recent headlines may have left you feeling uncertain about the state of home prices, but it's important to take a closer look beyond the sensationalism. Contrary to the negative picture portrayed by some media outlets, the data tells a different and more positive story. By analyzing the monthly figures rather than making unfair year-over-year comparisons, we can see that home prices are on an upward trajectory. In this blog post, we'll explore the national data, expert opinions, and how this rebound in home prices can affect both buyers and sellers.

Understanding the Conejo Valley Trend:

While local housing markets may still vary, the national data reveals an encouraging trend. Let's examine the monthly home prices from January 2022 to July 2023:

The data clearly shows that home prices have been steadily increasing for three or more consecutive months, indicating a positive shift in the housing market.

Expert Insights:

Craig J. Lazzara, Managing Director at S&P Dow Jones Indices, affirms the positive outlook, stating,

"If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April's data would bolster my argument."

This sentiment echoes the belief shared by many experts that the decline in home prices has reached its bottom and the market is now rebounding.

The Demand-Supply Dynamics:

One of the reasons home prices did not experience a crash, as some had anticipated, is the insufficient inventory to meet the demand. The number of prospective buyers exceeds the available homes for sale. Mark Fleming, Chief Economist at First American, explains

“History has shown that higher rates may take the steam out of rising prices, but it doesn’t cause them to collapse entirely. This is especially true in today’s housing market, where the demand for homes continues to outpace supply, keeping the pressure on house prices."

Doug Duncan, Senior VP and Chief Economist at Fannie Mae, states home price growth is exceeding expectations thanks to that high demand:

“. . . housing prices continue to show stronger growth than what was previously expected . . . Housing’s performance is a testimony to the strength of demographic-related demand . . .”

Implications for Buyers and Sellers:

Buyers who have been apprehensive about purchasing a home due to concerns about declining prices can find relief in the rebounding market. The data suggests that home values are appreciating, presenting an opportunity to invest in an asset that typically increases in value over time.

For sellers who have been hesitant to list their homes, fearing adverse effects on their property's value, the latest data signals a favorable shift. Teaming up with a real estate agent to list your house could be a prudent decision, as the market conditions are turning in your favor.

Conclusion:

If you've put your moving plans on hold due to worries about falling home prices, it's time to reconsider. The latest data indicates that the worst is already behind us, and home prices are experiencing national appreciation. Reach out to us, and we'll keep you informed about the specific trends in your area. Whether you're a buyer or a seller, now is an opportune moment to take advantage of the rebounding housing market.