Selling Your Home - Magazine - Page 8
Will Home Prices Continue To Rise?
According to the latest CoreLogic Home Price Insights Report, nationwide,
home values increased by an impressive 17.2% over the last 12
months. The dramatic rise happened when the inventory of houses for sale
reached historic lows at the same time buyer demand skyrocketed as a result of
near record-low mortgage rates.
Where Will Home Values Go from Here?
Home price appreciation will continue to be determined by an imbalance of supply and
demand. If supply remains low and demand high, prices will continue to increase,
making it a great time to sell your house. Frank Martell, President and CEO of
CoreLogic, explains:
“Home prices have been rising in the mid-single digits for some years now.
The recent surge to double-digit price jumps reflect the convergence
of exceptional demand and persistent low supply . . .”
Housing Supply
Home prices are rising, but they should moderate as more housing inventory comes to
market. George Ratiu, Senior Economist at realtor.com, says there are signs we may
see the current inventory challenges lessen, slowing the fast-paced home price
appreciation and creating more choices for buyers:
“. . . there are still fewer homes for sale than last year when we were focused on
how limited supply was holding back the housing market. On the other hand, the
gap continues to shrink. . . . This means that low inventory of homes for sale is
still a problem, but we’re on pace to see inventories grow before the end
of the year.”
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