The housing market is experiencing continued headwinds that challenge homebuying demand; however, an increase in available supply of homes for sale is providing buyers with more choices while helping to keep price pressures in check this spring. Although annual home-price growth has slowed significantly, home prices have largely held their ground, reflecting trends from before the pandemic. Florida experienced a notable drop in prices, leading the decline with a -0.8% rate year-over-year. Cotality forecasts stable prices going forward, tied to greater inventory and a return to typical seasonal patterns.
Housing market headwinds challenge demand, but improved for-sale supply provides buyers more options and keeps price pressures manageable this spring, says Cotality's chief economist, Selma Hepp.
While annual home-price growth has significantly slowed, the home prices have held steady this spring, revealing trends similar to pre-pandemic periods and alleviating fears for buyers.
Florida, once leading in rapid price increases, showed the largest declines in home prices with a -0.8% year-over-year drop, signaling a market correction in several areas.
Despite localized declines, the overall number of markets experiencing price drops has remained stable, suggesting that the homebuying landscape may become more balanced in the future.
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