We Are Seeing A Drop in Home Price Increases

We have been talking a lot lately about how the average home price has been going up monthly.  Nationally, it still is going up but at a smaller increase.  For the last few months , prices have been increasing by double-digit percentages month-after-month. On December 10th, 2022, the home price growth had dropped 0.8% from the previous week, down to 9.5%.  It had been increasing by double-digit amounts for 49 straight weeks!

Another item that has been dropping is mortgage rates.  For the last five weeks, the mortgage rates for a 30-year loan have dropped to 6.31% according to realtor.com.  The mortgage rates peaked in 2022 in late October, hitting 7.08%.

Read the Original Article Here: Home Prices Just Hit a Turning Point After Nearly a Year, but Will Buyers Miss It Amid the Holidays?