{"id":5937,"date":"2024-07-29T05:30:00","date_gmt":"2024-07-29T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/are-home-prices-going-to-come-down\/"},"modified":"2024-07-29T05:30:00","modified_gmt":"2024-07-29T10:30:00","slug":"are-home-prices-going-to-come-down","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/are-home-prices-going-to-come-down\/","title":{"rendered":"Are Home Prices Going To Come Down?"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\"  src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240726\/20240729-Are-Home-Prices-Going-To-Come-Down-original.png?ssl=1\" alt=\"Are Home Prices Going To Come Down? Simplifying The Market\" loading=\"lazy\" style=\"margin-bottom: 5px;clear: both;max-width: 100%\" \/><\/p>\n<p>Today\u2019s headlines and news stories about home prices are confusing and make it tough to know what\u2019s 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.<\/p>\n<p>Here\u2019s what Danielle Hale, Chief Economist at <em>Realtor.com<\/em>, <a href=\"https:\/\/money.com\/housing-market-correction-federal-reserve\/\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">says<\/a>:<\/p>\n<blockquote><p>&nbsp;<em>\u201cIn stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . <\/em><strong><em>We don&#8217;t have the same established definitions in the housing market.<\/em><\/strong><em>\u201d<\/em><\/p><\/blockquote>\n<p>In the context of today\u2019s housing market, it doesn\u2019t 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\u2019re now growing at a slower pace. <strong>Prices vary a lot by local market, but rest assured, a big drop off isn\u2019t what\u2019s happening at a national level.<\/strong><\/p>\n<h4><strong>The Real Estate Market Is Normalizing<\/strong><\/h4>\n<p>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\u2019t continue forever.<\/p>\n<p>Today, price growth has started to slow down, which is a sign the market is beginning to normalize. The most recent <a href=\"https:\/\/www.spglobal.com\/spdji\/en\/indices\/indicators\/sp-corelogic-case-shiller-20-city-composite-home-price-nsa-index\/#news-research\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">data<\/a> from <em>Case-Shiller<\/em> shows that after being basically flat for a couple of months last year, prices are going up at a national level \u2013 just not as quickly as before (<em>see graph below<\/em>):<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240726\/20240729-Home-Prices-Are-Moderating-original.png?ssl=1\" rel=\"noopener noreferrer\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240726\/20240729-Home-Prices-Are-Moderating-original.png?ssl=1\" alt=\"No Caption Received\"><\/a>The big takeaway? So far this year, there\u2019s been a much healthier pace of price growth compared to the pandemic.<\/p>\n<p>Of course, that\u2019s what\u2019s happening now, but you may be wondering what\u2019s next for prices. Marco Santarelli, the Founder of <em>Norada Real Estate<\/em> <em>Investments<\/em>, <a href=\"https:\/\/www.noradarealestate.com\/blog\/real-estate-forecast-next-5-years\/\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">says<\/a>:<\/p>\n<blockquote><p><em>\u201c<\/em><strong><em>Expert forecasts lean towards a moderation in home price growth over the next five years.<\/em><\/strong><em> 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.\u201d<\/em><\/p><\/blockquote>\n<p>It\u2019s 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.<\/p>\n<h4><strong>&nbsp;What This Means for You<\/strong><\/h4>\n<p><strong>&nbsp;<\/strong>If you\u2019re thinking about <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/19\/the-biggest-mistakes-homebuyers-are-making-right-now\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">buying a home<\/a>, slowing price growth is welcome news. Skyrocketing home prices during the pandemic left many would-be homebuyers feeling priced-out.&nbsp;<\/p>\n<p>While it\u2019s still a good thing to know the <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/03\/homeowners-gained-28k-in-equity-over-the-past-year\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">value<\/a> of the home you buy will likely continue to <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/02\/real-estate-still-holds-the-title-of-best-long-term-investment\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">go up<\/a> once you own it, slowing price gains are making things feel <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/18\/unlocking-homebuyer-opportunities-in-2024\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">more manageable<\/a>. Odeta Kushi, Deputy Chief Economist at <em>First American<\/em>, <a href=\"https:\/\/x.com\/NatMortgageNews\/status\/1810856489231217052\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">says<\/a>:<\/p>\n<blockquote><p><em>\u201cWhile housing affordability is low for potential first-time home buyers, <\/em><strong><em>slowing price appreciation and lower mortgage rates could help<\/em><\/strong><em> \u2014 so the dream of homeownership isn&#8217;t boarded up just yet.\u201d<\/em><\/p><\/blockquote>\n<h3>Bottom Line<\/h3>\n<p>At the national level, home prices are not going down. And most experts forecast they\u2019ll continue growing moderately moving forward. But prices vary a lot by local market. That\u2019s where a trusted <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/15\/why-working-with-a-real-estate-professional-is-crucial-right-now\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">real estate agent<\/a> comes into play. If you have <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/16\/how-to-determine-if-youre-ready-to-buy-a-home\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">questions<\/a> about what\u2019s happening with prices in your area, reach out to an agent.<\/p>\n<p>Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today\u2019s headlines and news stories about home prices are confusing and make it tough to know what\u2019s 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. Here\u2019s what Danielle Hale, Chief Economist at Realtor.com, says: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5938,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-5937","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are Home Prices Going To Come Down?&#8212;NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/are-home-prices-going-to-come-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are Home Prices Going To Come Down?&#8212;NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"Today\u2019s headlines and news stories about home prices are confusing and make it tough to know what\u2019s really happening. 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