{"id":326,"date":"2018-10-10T00:19:16","date_gmt":"2018-10-10T00:19:16","guid":{"rendered":"http:\/\/renwre.info\/2018\/10\/10\/whats-going-on-with-home-prices\/"},"modified":"2018-10-10T00:19:16","modified_gmt":"2018-10-10T00:19:16","slug":"whats-going-on-with-home-prices","status":"publish","type":"post","link":"http:\/\/renwre.info\/?p=326","title":{"rendered":"What\u2019s Going On With Home Prices?"},"content":{"rendered":"
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\"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

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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 Continue reading What\u2019s Going On With Home Prices?<\/span>→<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/326"}],"collection":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=326"}],"version-history":[{"count":0,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/326\/revisions"}],"wp:attachment":[{"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=326"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}