Decelerating Does Not Equal Depreciating Home Prices

Did you know that decelerating home prices do not mean depreciating home prices? Price appreciation is starting to slow down. At the end of May 2022, complete year-over-year price appreciation was at record highs. At the end of July, Whatcom County’s Average Sold Price was down 6.3% compared to June. This means that we are coming off of the peak prices of Q1 – leveling off and starting to normalize. We still have amazing gains from the year prior. In fact, our Average Sold Price is still up 9.6% compared to last year! Keep in mind that average annual price appreciation is typically around 3-5%. Perspective is key as the market starts to stabilize. Please reach out if you are curious about the value of your home in today’s market.