top of page
Search

Index Finds First Quarter Home Prices Up 4.7%

The pace of home price increases continues to slow, according to a new quarterly report from Fannie Mae. The report found price increases slower during the first quarter of 2023 than they were at the end of last year. In fact, Fannie Mae's Home Price Index found home prices up 4.7 percent during the first quarter. That follows an 8.6 percent increase during the final quarter of 2022. Doug Duncan, Fannie Mae's senior vice president and chief economist, says the fact that prices are still rising is evidence of pent-up demand. “As expected, the annual rate of increase in home prices has slowed dramatically in response to the rapid and significant increase in interest rates,” Duncan says. “Still, the fact that prices rose slightly in the first quarter is evidence of significant pent-up mortgage demand, despite ongoing affordability constraints.” Duncan says the inventory of homes for sale remains lower than normal and that has helped keep price increases from slowing even further.



Recent Posts

See All

Typical Property Spends 36 Days On The Market

There are few things more frustrating as a home buyer than losing a home to another buyer. Whether it's due to a faster offer or a better one, losing your chance at a home you had your eye on can be d

Rising Foot Traffic A Good Sign For Spring

Foot traffic is a great way to measure how active home buyers are in the market. You can tell a lot about where buyers are looking to live, and the homes they're most interested in, by looking at how

bottom of page