Good News for Home Prices in 2024.

Did you know there are ways to measure how much houses are worth? Two important tools are the Case Shiller Home Price Index and the Federal Housing Finance Agency (FHFA) House Price Index.

The Case Shiller Index, often seen as a top-notch measure, tells us that in December, home prices went up by 0.2%. This continues a trend that started in January, with prices now 5.6% higher than last year. Since July, Case Shiller has been setting new records for home prices, showing a big 46% increase since 2019!

Now, the FHFA Index, which looks at home prices for houses with standard loans, not including big cash deals or jumbo loans, says prices went up 0.1% in December. Over the whole year, they went up by 6.6%. FHFA has been setting new records every month since February.

In the mix of all this good news, we have Scott Wenhe from Wenhe Mortgage and Realty. He’s an expert who makes sure his clients know what’s going on in the mortgage market.

So, when we look at the final numbers for 2023:

• Case Shiller: Up by 5.6%
• FHFA: Up by 6.6%
• CoreLogic: Up by 5.5%
• Black Knight: Up by 5.6%