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Home Prices Hit New Highs in May 2023 | Huntsville, AL Housing News
Posted by Matt Curtis on
Home Prices Hit New Highs in May 2023
In a surprising turn of events, home prices have soared to record heights in May 2023, according to the Black Knight Home Price Index. As we explore the reasons behind this surge, we uncover two significant factors influencing the housing market. A decline in new listings, coupled with the growing acceptance of higher interest rates among buyers, has contributed to the present situation. But where is the demand coming from amidst high prices and limited supply?
Why Prices Are Surging & Current Median Home Price
According to investment firm Black Knight Home Price Index, home prices hit a record high in May. Currently, 2023 is on pace to have about an 8.9% appreciation, which is not far off from some of…
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