The National Association of Realtors’ quarterly housing report shows that home prices and growth is starting to cool, though that doesn’t mean prices are really falling. The national median price for a single-family existing home rose 4% in the fourth quarter of 2022, reaching $378,700.
That’s a much slower pace than the 8.6% increase in the previous quarter.
“A slowdown in home prices is taking place and should be a good thing for the market itself, particularly as the typical home price has risen 42% in the past three years.With a projected reduction in home sales this year, prices are expected to remain stable in the vast majority of markets due to extremely limited supply and lower interest rates. It appears there are signs that buyers are returning as mortgage rates decline, even with inventory levels near historic lows.