Even with high interest rates, home prices have not crashed. 👀

In 2022 we saw the biggest home sales crash in history, meaning the decline in the number of homes sold. We also saw rates on fixed mortgages jumped from 3% to 7%. So they almost doubled. 🏡

Typically what will happen is when volume decreases, prices follow. 📊

But we didn't see that in 2023. In the Greater Philadelphia area, prices climbed back up, even with higher rates. ⬆️

When supply is low and demand is high, prices will continue to maintain high levels, which is exactly what we saw in 2023.

With rates now around 6.5% we've seen a lot more stability in the market, which has created certainty for consumers. 🤝

Whatever the Fed says this week is going to tell the tale for 2023. The good news here is prices aren't coming down and real estate is holding its value. 💰

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