Did Home Prices Just Hit a Turning Point?
Even though all the headlines out there make it sound like prices are crashing, here is what the data really says.
Yes, price growth cooled from around 7% in mid-2024 to closer to 3% today. But that is not a crash. It is just a slowdown.
And if you look at the right side of this graph, it seems like price growth may have hit its low point and started to turn.
Now, two months of data does not necessarily make a trend. But a few things back this up.
Compared to earlier this year, fewer markets are seeing price declines right now. And forecasts call for price growth to pick up a bit before end of year.
What Does This Mean for You?
Whether you are buying or selling, having accurate and timely information about the market is critical. Headlines can be misleading, but the real data tells a different story.
If you are a seller, price stability means your home still holds strong value. If you are a buyer, a slight cooling in growth rate does not mean you should wait for a crash that is not coming.
The best time to make a move is when it makes sense for your situation, not when the headlines tell you to panic.
Contact Tim Tepes to find out exactly what home prices are doing in the Lehigh Valley and what that means for your plans.
Call (484) 275-0056 or visit TimTepes.com.
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Written by Tim Tepes, the local market expert and curator of this information. PA Licensed Associate Broker · AB062628L · Better Homes and Gardens Real Estate Cassidon Realty. Nobody Knows Homes Better. Better Service. Better Results. Expect Better.
With more than 36 years of experience and 700+ closed transactions, Tim Tepes is a trusted expert in Lehigh Valley real estate. He is the founder of Tim Tepes Real Estate LLC with Better Homes and Gardens® Real Estate Cassidon Realty.
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