The real estate market is in an interesting state right now. Home sales are slowing because of higher interest rates, but prices in some areas have yet to drop, demonstrating how much the current real estate market can affect your finances. Overall, the median existing-home sales price in January 2023 was up 1.3 percent from the same time last year, but home prices in expensive areas have gone down, while prices in less expensive areas have gone up.
Considering that home prices were reaching record highs in 2021, one would expect them to have normalized with the slowing market, but that has yet to happen. However, if interest rates continue to rise, prices should continue to drop.
