Is The Housing Market REALLY Affected By Inflation?
Inflation is definitely a problem- I buy groceries, gas, insurance. Prices are definitely way up there. Uncomfortably high. But I’m pretty sick of the media lumping housing prices in that category. There’s a difference between housing prices and housing affordability which is currently affected by the interest rates. But housing prices have been on the rise just like they always have been. Directly below is a chart showing North Oakland County sales.
As you can see from 2013 through the first six months of 2024, sale prices have had a steady incline that DID NOT spike the past few years. Housing prices are supposed to go up. Home ownership has always been a good investment; a way to save money for the move up home. There’s something wrong with your market if prices aren’t increasing.