Home Prices Are Climbing in These Top Cities

<article class="post-1045080 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1045080"><span class="entry-date">May 13, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Home Prices Are Climbing in These Top Cities</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Home+Prices+Are+Climbing+in+These+Top+Cities&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhome-prices-are-climbing-in-these-top-cities%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Home Prices Are Climbing in These Top Cities Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240513-Header-Image.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>Thinking about <a href="https://www.simplifyingthemarket.com/2024/05/01/the-perks-of-buying-over-renting/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buying a home</a> or <a href="https://www.simplifyingthemarket.com/2024/04/30/what-more-listings-mean-when-you-sell-your-house/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">selling</a> your current one to find a better fit? If so, you might be <a href="https://www.simplifyingthemarket.com/2024/04/18/is-it-getting-more-affordable-to-buy-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">wondering</a> what’s going on with home prices these days. Here’s the scoop.</p>
<p>The latest national data from <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#news-research" rel="noopener noreferrer" target="_blank"><em>Case-Shiller</em></a> and the <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx" rel="noopener noreferrer" target="_blank"><em>Federal Housing Finance Agency</em></a> (FHFA) shows they’re going up (<em>see graphs below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240508/20240513-Percent-Change-in-Home-Values.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240508/20240513-Percent-Change-in-Home-Values.png"/></a></p>
<p></p>
<p>As you can see, home prices were rising for most of 2023. But over the course of December and January, they were <a href="https://www.simplifyingthemarket.com/2024/04/22/what-you-really-need-to-know-about-home-prices-1/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">virtually flat</a> – which is pretty normal for that time of year.</p>
<p>But here’s what you need to know now. As of February, when the spring market kicked off, prices were on the rise again.</p>
<h4><strong>Home Prices Are Going Up in Most of America’s Top Cities</strong></h4>
<p>After seeing a jump in home prices nationally in February, you might be wondering if they’re going up in your area, too. While it depends on where you live, prices are rising in 18 of the top 20 cities <em>Case-Shiller</em> reports on in the <a href="https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CSHomePrice_Release_0430.pdf" rel="noopener noreferrer" target="_blank">monthly price index</a> (<em>see chart below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240508/20240513-Prices-Are-Rising-In-18-of-the-top-20-cities.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240508/20240513-Prices-Are-Rising-In-18-of-the-top-20-cities.png"/></a></p>
<p></p>
<p>Most experts also think home prices will keep rising and end the year on a high note. <em>Forbes</em> <a href="https://www.forbes.com/sites/hyunsoorim/2024/04/30/home-prices-soar-to-all-time-high-here-are-the-fastest-growing-cities/?sh=5c1c60856283" rel="noopener noreferrer" target="_blank">explains</a> why:</p>
<blockquote><p><em>“Even as mortgage rates have reached their highest level since November, </em><strong><em>persistent demand coupled with limited housing supply are key drivers pushing home values upward</em></strong><em>.”</em></p></blockquote>
<h4><strong>How This Impacts You</strong></h4>
<ul>
<li><strong>For Buyers:</strong> If you’re ready, willing, and able to <a href="https://www.simplifyingthemarket.com/2024/04/25/is-a-multi-generational-home-right-for-you/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a>, purchasing before prices go up even more might be a smart choice, since home values are expected to <a href="https://www.simplifyingthemarket.com/2024/04/17/is-it-better-to-rent-than-buy-a-home-right-now-1/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">keep climbing</a>.</li>
<li><strong>For Sellers:</strong> Prices are going up because there still aren’t enough homes available for sale <a href="https://www.simplifyingthemarket.com/2024/04/29/nows-a-great-time-to-sell-your-house/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">right now</a><span style="color: windowtext;"> compared to today’s buyer demand</span>. So, if you work with an agent to price your house right, you might receive multiple offers and sell quickly. </li>
</ul>
<h3>Bottom Line</h3>
<p>The data shows home prices are increasing nationally. Chat with a local <a href="https://www.simplifyingthemarket.com/2024/04/09/the-top-5-reasons-you-need-a-real-estate-agent-when-buying-a-home/" rel="noopener noreferrer" target="_blank">real estate agent</a> to see exactly what’s going on with prices in your neighborhood.</p>
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