Home listing prices rose slightly by 0.6% year-over-year, marking the first increase after 10 months of stagnation. However, economist Jiayi Xu cautions that local markets may not reflect this national trend due to ongoing economic uncertainties, particularly relating to buyer reliance on stock market funds for down payments. Potential rate cuts push by President Trump and ongoing volatility in financial markets impact buyer budgets. The increase in price per square foot indicates strong demand, yet sellers are hesitant to lower prices despite market challenges.
"While this uptick may signal a warming trend at the national level, local markets may tell a different story," warns economist Jiayi Xu in the Realtor.com® Weekly Housing Report.
"This suggests that demand remains relatively strong and that home prices are rising on a per-unit basis, not just due to larger or higher-end listings entering the market," says Xu.
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