In a recent post on the National Association of Realtors’ Economists’ Outlook Blog, it was revealed that Realtors are starting to sense that home values are beginning to stabilize and that we may see appreciation beginning to accelerate again.
The thinking that home appreciation has bottomed-out was confirmed in two housing reports recently released:
CoreLogic Home Price Index – The analysts at CoreLogic increased their projection for home appreciation for the next twelve months to 4.7% as compared to the 4.6% they projected in their previous report.
The Home Price Expectation Survey – In the 2019 first quarter survey, the nationwide panel of over one hundred economists, real estate experts, and investment & market strategists increased their projection for home value growth in 2019 to 4.3% compared to the 3.8% increase they had projected in the fourth quarter of 2018.
Here's a Snapshot of Summit County in the last month.
- New Listings were down 29.6 percent for single family homes but increased 33.1 percent for townhouse-condo properties.
- Pending Sales landed at 96 for single family homes and 177 for townhouse-condo properties.
- The Median Sales Price was up 11.6 percent to $689,893 for single family homes and 12.8 percent to $521,000 for townhouse-condo properties.
- Days on Market decreased 9.1 percent for single family homes but increased 14.5 percent for townhouse-condo properties.
- The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.