With the ever-evolving nature of the housing market, it’s natural to wonder about its future trajectory. One aspect that likely captures your attention is home prices, as they have experienced some fluctuation since reaching their peak last June. You may have even come across news or social media chatter about an imminent price crash, prompting you to delay your home purchase until prices plummet significantly. However, adopting this strategy may not be the most prudent approach.

A recent survey conducted by Zonda reveals that 53% of millennials are currently renting because they are waiting for home prices to decline. However, the most recent data indicates that home prices have already reached their bottom and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports that U.S. home prices rose by 0.8% in February, suggesting that prices in most markets have already hit their lowest point. Furthermore, data from Black Knight confirms this upward shift in prices, as illustrated in the graph below comparing home price trends from November to February:

So, should you continue to postpone your home purchase in anticipation of price drops? Considering what industry experts are saying, it may not be advisable. The data suggests that prices are increasing in many regions across the country rather than decreasing. Additionally, the latest findings from the Home Price Expectation Survey indicate that experts project a steady rise in home prices, with a return to more typical levels of appreciation after 2023. To gain a comprehensive understanding of home values in your specific area, it is crucial to collaborate with a local real estate professional who can provide you with up-to-date insights and expert advice.

If you are delaying your home purchase in the hopes of price reductions, it may be time to reconsider. Let’s connect to ensure you stay informed about the current state of Palm Beach County’s housing market and make well-informed decisions regarding your homeownership goals.