Low Inventory Pushes Home Prices Higher

Dated: 02/13/2018

Views: 107

Image title

Low Inventory Pushes Home Prices Higher

First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers,Pricing

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, let’s get together to go over exactly what’s going on in our neighborhood and discuss your options!


Blog author image

Charles Juarez

With my expertise in reality for both buying or selling a home in San Antonio, and surrounding areas. You have found the right resource for your real estate needs. Whether you are looking for a new ho....

Latest Blog Posts

5 Tips For Starting Your Home Search

5 Tips for Starting Your Home Search Wednesday, October 17th, 2018  First Time Home Buyers, For BuyersIn today’s real estate market, with low inventory dominating the

Read More

Mission Caliza Springs Video

The Mendez Group, Realtors your New Home Experts! Providing you with New Home communities and staying up-to-date with the San Antonio and Surrounding Markets. Caliza Springs with Texas Homes is a

Read More

Baby Boomers Are Downsizing Are You Ready To Move

Baby Boomers are Downsizing, Are You Ready to Move?Baby Boomers, For Buyers, For Sellers, Housing Market Updates For a while now baby boomers have been blamed for a portion of the

Read More

Caliza Spring By Texas Homes Preview

Caliza Springs with Texas Homes.John and I are visiting this new community this week. 21543 Vista De Cristal SA, TX 78259This 9.9 acre community is nestled in the heart of the Encino Park

Read More