We understand that real estate is intensely local. Whether you are thinking of buying or selling a home, you should sit with a real estate professional familiar with your local area. However, that does not mean that what is happening nationally doesn’t apply to your market. What is taking place with home values is a perfect example of this. Prices are softening in many parts of the country. We all hope that our region is the exception to this trend. Before we buy or sell we should make sure. Just how widespread are these price declines? Let’s take a look at what the current pricing indices have found.
Their Home Price Index shows that 18 of the 20 cities they monitor had year-over-year depreciation. San Diego and Washington D.C. were the only two markets to record appreciation. However, San Diego was up a “scant 0.1%”, while Washington DC posted a healthier +3.6% annual growth rate.
Their Home Price Index states:
“Of the top 100 Core Based Statistical Areas measured by population, 86 are showing year-over-year declines.”
National Association of Realtors (NAR)
Their Existing Sales Report showed that 13 of 17 metros they report on had median sales prices decline in the last year. Only Dallas/Fort Worth, Houston, San Diego and St. Louis saw their median price increase.
Federal Housing Finance Agency (FHFA)
Their website has a visual that shows how widespread the price situation has become:
Pricing is a major challenge in the vast majority of regions right now. Definitely sit with a local agent. However, make sure they tell you what you need to know not just what they think you may want to hear.