{"id":2672,"date":"2018-10-09T10:00:04","date_gmt":"2018-10-09T10:00:04","guid":{"rendered":"https:\/\/thezakariagroup.com\/whats-going-on-with-home-prices\/"},"modified":"2018-10-09T10:00:04","modified_gmt":"2018-10-09T10:00:04","slug":"whats-going-on-with-home-prices","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/whats-going-on-with-home-prices\/","title":{"rendered":"What\u2019s Going On With Home Prices?"},"content":{"rendered":"
\n

\"What\u2019s<\/p>\n

According to CoreLogic\u2019s<\/em> latest Home Price Insights Report<\/a><\/em>, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year.<\/p>\n

CoreLogic\u2019s Chief Economist<\/em> Frank Nothaft gave some insight into this change,<\/span><\/p>\n

\n

\u201cThe rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home. The slackening in demand is reflected in the slowing of national appreciation, as illustrated in the CoreLogic Home Price Index. <\/em>\u00a0<\/em><\/p>\n

National appreciation in August was the slowest in nearly two years, and we expect appreciation to slow further in the coming year.\u201d<\/em><\/p>\n<\/blockquote>\n

One of the major factors that has driven prices to accelerate at a pace of between 6-7% over the past two years was the lack of inventory available for sale in many areas of the country. This made houses a prized commodity which forced many buyers into bidding wars and drove prices even higher.<\/p>\n

According to the National Association of Realtors<\/em>\u2019 (NAR) latest Existing Home Sales Report<\/em>, we are starting to see more inventory<\/a> come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow.<\/p>\n

Historically, prices appreciated at a rate of 3.7% (from 1987-1999). CoreLogic<\/em> predicts that prices will continue to rise over the next year at a rate of 4.7%.<\/p>\n

Bottom Line<\/strong><\/h3>\n

As the housing market moves closer to a \u2018normal market\u2019 with more inventory for buyers to choose from, home prices will start to appreciate at a more \u2018normal\u2019 level, and that\u2019s ok! If you are curious about home prices in your area, let\u2019s get together to chat about what\u2019s going on!<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

According to CoreLogic\u2019s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year. CoreLogic\u2019s Chief Economist Frank Nothaft gave some insight into this change, \u201cThe rise in mortgage rates this […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,100,101,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nWhat\u2019s Going On With Home Prices? - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/whats-going-on-with-home-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s Going On With Home Prices? - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"According to CoreLogic\u2019s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. 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