These Top Cities Show Home Prices Are Still Climbing

<article class="post-849503 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-849503"><span class="entry-date">November 14, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">These Top Cities Show Home Prices Are Still Climbing</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=These+Top+Cities+Show+Home+Prices+Are+Still+Climbing&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthese-top-cities-show-home-prices-are-still-climbing%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="These Top Cities Show Home Prices Are Still Climbing Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20231114-Home-Prices-Keep-Climbing-in-Most-Markets.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>If you’re considering <a href="https://www.simplifyingthemarket.com/2023/10/12/growing-your-net-worth-with-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buying a home</a> or selling your current one to find something that better suits <a href="https://www.simplifyingthemarket.com/2023/11/13/life-changing-events-that-move-the-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">your needs</a>, you may have questions about what’s happening with <a href="https://www.simplifyingthemarket.com/2023/10/23/why-home-prices-keep-going-up/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home prices</a> today. Here’s what you need to know.</p>
<p>There’s still a lot of confusion and misinformation out there. So, no matter what you may have heard, the national <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">data</a> shows they’ve actually been climbing again (<em>see graphs below</em>):</p>
<p> <a href="https://www.simplifyingthemarket.com/content/images/20231113/20231114-Percent-Change-in-Home-Values.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20231113/20231114-Percent-Change-in-Home-Values.png"/></a></p>
<p></p>
<p>As you can see, in the first half of 2022, <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx" rel="noopener noreferrer" target="_blank">home prices</a> went way up. Those increases were dramatic and unsustainable. So, in the second half of 2022, prices adjusted. Those dips were small and didn’t last very long. Still, the news made a big deal about these slight declines, which may have made you worry.</p>
<p>But what’s important to know is that, in 2023, prices are going up again, and this time it’s at a more <a href="https://www.simplifyingthemarket.com/2023/10/20/home-price-growth-is-returning-to-normal-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">normal pace</a>. The fact that all three <a href="https://www.corelogic.com/category/intelligence/reports/home-price-insights/" rel="noopener noreferrer" target="_blank">reports</a> now show more typical price increases this year is good news for the <a href="https://www.simplifyingthemarket.com/2023/10/31/foreclosures-and-bankruptcies-wont-crash-the-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">housing market</a>.</p>
<h4><strong>Home Prices Are Rising Across the Top Cities in the U.S.</strong></h4>
<p>After seeing steady home price growth at the national level for the last several months, you may wonder if prices are going up in your local area, too. Know this: while this will vary from one area to the next, home prices are appreciating in these top cities <a href="https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-continues-to-trend-upward-in-august/" rel="noopener noreferrer" target="_blank"><em>Case-Shiller</em></a> reports on in their monthly price index (<em>see chart below</em>):</p>
<p> <a href="https://www.simplifyingthemarket.com/content/images/20231113/20231114-Case-Shiller-Home-Price-Movement.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20231113/20231114-Case-Shiller-Home-Price-Movement.png"/></a></p>
<p></p>
<p>That’s why so many experts are able to <a href="https://www.simplifyingthemarket.com/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">forecast home prices</a> will end the year in the positive and continue going up in 2024.</p>
<h4><strong>Here’s How This Affects You</strong></h4>
<ul>
<li><strong>For Buyers:</strong> If you’ve been waiting to <a href="https://www.simplifyingthemarket.com/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a> because you were concerned it might lose value, the fact that home prices are going up should ease your worries. <a href="https://www.simplifyingthemarket.com/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">Buying a home</a> before prices climb higher can be a smart move since home values typically appreciate over time.</li>
<li><strong>For Sellers:</strong> If you’ve been postponing <a href="https://www.simplifyingthemarket.com/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">selling your house</a> because you were worried about how changing home prices would affect its value, now might be a good time to work with a <a href="https://www.simplifyingthemarket.com/2023/10/19/the-risks-of-selling-your-house-on-your-own/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">real estate agent</a> to put your house on the market. You don’t have to wait any longer because the data shows home prices are in your favor.</li>
</ul>
<h3>Bottom Line</h3>
<p><span style="color: black;">If you delayed </span>moving<span style="color: black;"> because you were concerned home prices could drop, don’t worry – the numbers show they’re going up nationally. To better understand how home prices are changing in your neighborhood, team up with a local </span><a href="https://www.simplifyingthemarket.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">real estate agent</a><span style="color: black;">.</span></p>
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