If you’re a potential home buyer or seller, you’re most likely wondering what’s happening with home prices. The market continues to slow, after running hot for two years, and Americans are looking for answers. Well, some of those answers can be found in the latest Metropolitan Median Area Prices and Affordability report from the National Association of Realtors. The report found home prices up 4 percent year-over-year during the fourth quarter of 2022. But while they were still rising at the end of last year, prices rose less than in the third quarter when they were up 8.6 percent. Additionally, the share of metro areas registering double-digit price increases fell from 46 percent during the third quarter to 18 percent in the fourth. Lawrence Yun, NAR’s chief economist, says home prices are definitely slowing, but will remain stable. “A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42 percent in the past three years,” Yun said. “Even with a projected reduction in home sales this year, prices are expected to remain stable in the vast majority of the markets due to extremely limited supply.” (source)
