The year-over-year comparisons in Redfin’s analysis followed a similar pattern, with February data revealing a 6.7% rise in home prices compared to the same month last year, closely approximating the pre-pandemic average annual gain of 6.9%.
In contrast, pandemic data had year-over-year price increases peaking at 22.9% in March 2022 and dipping to a low of 3.4% in June 2023.
Meme Loggins, a Redfin Premier real estate agent based in Oregon, said she has seen home prices plateauing in Portland.
This has led to a mismatch between buyer expectations and seller demands, she said, with buyers wanting discounts and sellers “standing firm” on their prices.
Redfin’s February Home Price Index also highlighted the impact of mortgage rates becoming less volatile than they were before, stating that this has contributed to the stabilization of home prices.
Source: mpamag.com