Dated: 03/12/2018

Views: 42

Low Inventory Pushes Home Prices Higher

According to CoreLogic’s latest Home Price Index, prices appreciated by 6.9% year-over-year from December 2016 to December 2017 on a national level. This marks the fifth month in a row with at least a 6.9% increase.

Dr. Frank Nothaft, Chief Economist for CoreLogic, gave insight into the reason behind the large appreciation,

“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”

This is great news for homeowners who have gained nearly $15,000 in equity (on average) in their homes over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream homes.

As we near the traditionally busy spring buyers season, there is still hope for buyers as mortgage rates remain low compared to recent decades. The report also predicted that home price appreciation will slow slightly, rising by 4.3% by this time next year.

Bottom Line

If you are looking to enter the housing market, as either a buyer or a seller, meet with a local real estate professional who can explain exactly what’s going on in your neighborhood and discuss your options! Give me a call now to discuss your options, 754-234-0637

Latest Blog Posts

Mar 21 2018 52532 1

I found this article to be informative for home sellers. It is about home improvements that do not increase the value of your home when you sell.click below:http://www.thebalance.com/things-dont

Read More

Mar 20 2018 33618 1

It's that time of year once more, time for the Palm Beach Boat Show. You will see so many fantastic boats it will be hard to pick one. Great food art work and so much more so go and enjoy the show./

Read More

Mar 19 2018 43219 1 Cheat Sheets

The law of...

Read More