Home values past 5 years

I ran across this graph that shows the sales price per sq.ft. for homes in Sacramento, Placer and El Dorado Counties for the past 5 years. (Price per sq.ft. is a good indicator of values.)

Findings:
Home values peaked in April/May of 2022 and since then have drifted slightly lower. Although no crash occurred for many reasons values have soften.

Sellers: If you are thinking about selling this year the sooner the better. It is unlikely values will rise due to higher interest rates resulting in fewer buyers which equals less demand.

Buyers: This year maybe be a good time to start looking again. Less competition. I recommend getting pre-approved at today's rate and then if rates fall, you will be in a good place to make an offer and Sellers may be willing to negotiation. Don't wait for values to drop. Inventory remains low and will be for the foreseenable future. Focus on your monthly payment and budget.