If you’ve been following real estate news, you’ve probably seen headlines claiming that home prices are flat. At first glance, that sounds simple enough — but the truth is far more nuanced.

Across the country, prices are not flat at all.

What the Data Really Shows

While home prices have moderated since the rapid and unsustainable rise of 2020–2022, the changes vary widely by location.

According to ResiClub and Zillow data for the 50 largest U.S. metros, the story splits nearly down the middle:

• Half of the metros are still seeing prices inch higher.

• The other half are seeing slight declines.

That’s why the term “flat” can be misleading — it averages out very different local realities.

One key reason for this divide? Inventory levels. The Joint Center for Housing Studies (JCHS) of Harvard University explains:

“Price trends are beginning to diverge in markets across the country. Prices are declining in a growing number of markets where inventories have soared while they continue to climb in markets where for-sale inventories remain tight.”

When these opposite trends are averaged together, the national number may appear flat — but that doesn’t reflect what’s actually happening in most local markets, including right here in Conejo Valley.

What About Price Declines?

If you’ve noticed reports about home prices dipping in some areas, it’s important to remember that those are mostly markets that overheated during the 2020–2022 boom. Nationally, prices rose roughly 50% over the past five years, and even more in some of the markets that are now adjusting.

So, a modest decline in certain neighborhoods still leaves most homeowners with significant equity gains. And based on current housing fundamentals, experts aren’t projecting a national decline ahead.

What Buyers Need To Know

Local market conditions matter more than ever:

• In areas where prices are still rising, waiting could mean paying more later.

• In markets where prices are leveling or softening, you might gain negotiating power for repairs or closing costs.

Understanding your local Conejo Valley market trends helps you make confident, informed decisions when buying a home.

What Sellers Need To Know

For sellers, local insight is key to pricing and positioning your home strategically:

• In markets where prices are still climbing, you may not need to make major concessions.

• In markets where prices are easing, setting the right price early and staying open to negotiation can make all the difference.

Homes priced correctly from the start — especially with guidance from an experienced Conejo Valley real estate agent — continue to attract serious buyers and sell successfully.

The Real Story Is Local

National averages give helpful context, but they don’t tell the full story. As Anthony Smith, Senior Economist at Realtor.com, notes:

“While national prices continued to climb, local market conditions have become increasingly fragmented… This regional divide is expected to continue influencing price dynamics and sales activity as the fall season gets underway.”

That’s why working with a local expert is essential. Whether you’re buying or selling, the Lydia Gable Realty Group team knows how today’s pricing trends are playing out in Westlake Village, Thousand Oaks, Agoura Hills, and across Conejo Valley — giving you the insights that national headlines can’t.

Bottom Line

Headlines calling home prices “flat” may grab attention, but they don’t capture the full picture.

Has anyone taken the time to walk you through what’s really happening in your neighborhood?

📲 Let’s connect today to get the real story on what home prices are doing right here in the Conejo Valley — and how that impacts your next move.