According toCoreLogic’slatestHome 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 levelin 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 havegainednearly $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.
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!
Christine is a motivated realtor specializing in listings in the Colorado Front Range and new home buyers located in the following areas;Colorado Springs, Monument and surrounding areas. Christine Sullivan uses advanced internet marketing to insure your property gets maximum exposure and will give you a professional edge needed to navigate today's housing market. For help with buying or selling a property call 1-719 660-5801
Author:Christine Sullivan Phone: 719-660-5801 Dated: February 13th 2018 Views: 52 About Christine: I arrived in Colorado Springs for a quick vacation in 1993 and within a few days I knew that this is...
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