5 US cities seeing the biggest home price gains and the 5 suffering the steepest declines as some pockets of the market become red-hot again, according to Redfin data
The housing market continues its momentum, with home prices up every month since February.US housing marketAfter falling 5% between June 2022 and January 2023, home price are now down just 0.9% year-over-year, according todata published Thursday. On a month-over-month basis, home prices are also up for the fourth consecutive month.
"Home-price declines are shrinking," said Dana Anderson, a data journalist at Redfin, in the report."The typical U.S. home is selling for roughly $383,000, only about $4,000 less than the all-time high set last June. That's the smallest year-over-year drop in nearly four months. Additionally, this is just the second time since last August the sale-to-list price ratio has hit 100%; in other words, the average home is now selling for its asking price.
With demand for housing still relatively low amid high mortgage rates, the firm cited a declining number of listings as a factor supporting prices. Homeowners are reluctant to move and give up low-rate mortgages they locked in years ago, keeping supply low. It remains to be seen whether or not the upswing in prices continues. Some housing experts have attributed the momentum to
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