Home Prices Rose 3% - Great Time to SellSeptember 12, 2023
The Federal Housing Finance Agency published the 2023 Q2 Housing Price Index report and national data shows home prices rose 3.0% between the second quarters of 2022 and 2023. House prices were up 1.7% compared to the first quarter of 2023.
The report noted that the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
The Five-year home appreciation in our region was between 32.22% and 40.39% with all of our regional Metropolitan Statistical Areas experiencing positive gains.
In the past year, home prices in our markets have increased: +4.41% in Iowa City; +3.01% in Cedar Rapids; and +3.18% in the Quad Cities. This compares to other cities: Des Moines +4.98% and Chicago +3.86%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less.
“U.S. house prices appreciated at a slightly higher rate in the second quarter amid low inventory,” said Dr. Anju Vajja, Principal Associate Director in FHFA’s Division of Research and Statistics. “While prices in a number of western states continued to decline year-over-year, house prices rose in all states quarter-over-quarter.”
“This is still a strong Seller’s market in our region”, notes Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. “We have more buyers than sellers, and this is causing home prices to stay strong and appreciate.”
About Ruhl&Ruhl Realtors
A family-owned company since 1862, Ruhl&Ruhl Realtors has grown to 320 sales associates, 61 employees, and ten offices, selling more than 5,200 homes in eastern Iowa, northwest Illinois, and southwest Wisconsin. The company has residential sales offices in Bettendorf, Burlington, Cedar Rapids, Clinton, Davenport, DeWitt, Dubuque, Iowa City, and Muscatine Iowa; and in Moline, Illinois. For more information on Ruhl&Ruhl Realtors, visit their website at www.RuhlHomes.com.
Contact:Caroline Ruhl, CEOCarolineRuhl@RuhlHomes.com, (563) 441-5001