Year over Year is the Best Comparison
When you are trying to evaluate the real estate market, it is best to look at the year over year comparison. Values go down in the fall and winter and up in the spring and summer. We are now in the spring market and prices are moving higher. That will likely continue until we get to June / July where prices flatten out and then they will start to decline when we get to September / October.
In February, prices for single family homes were down 1.2% year over year as shown in the below graph. Once March and April numbers come out, I believe there will be a modest increase in year over year numbers for single family homes and that is based on the amount of demand we are seeing when listing properties now. Yes, even with interest rates in the 6% range, there are plenty of buyers out there looking and they are well qualified.
The graph below shows that attached homes have seen a 5.4% increase year over year and that is largely due to buyers choosing to purchase lower priced homes vs renting as rental prices continue to soar. This in addition to investors buying attached homes to take advantage of the higher rental rates.