One thing that truly stood out in the real estate market in 2021 was the year-over-year home price increase. It seemed like almost every month represented a new record. The latest numbers published by the S&P CoreLogic Case-Shiller Indices illustrate this trend with October’s numbers.
According to the report published in December, October home prices were 19.1% higher than they were in 2020. This is slightly down from September’s 19.7%. This is for homes across the nation. The index also has a 20-city report that includes Tampa. That report showed that Tampa had a 28.1% increase in home prices, second only to Phoenix’s 32.3%. Both indices showed a 0.8% increase month-over-month, though, in Tampa, it was 1.9%.
How can sellers and buyers make sense of these numbers?
Well, it’s important to note that while the average home price increase remains high, the rate of increase appears to be slowing down. That said, it is clear that homes are sold for more in 2021 than they did in 2020. While the rate of increase appears to be slowing, there’s no clear indication of when the home price increases will slow further. Of course, this is good news for those thinking of listing their homes. Right now, you have the opportunity to extract the maximum value from your home sale.
For buyers, it’s a different story. The low housing inventory combined with home price increases means you need to be prepared financially to make a compelling offer.
Whether you are looking to buy or sell in 2022, I can help. Let’s talk about what it will take to make your real estate goals come true this year.