We all know that the housing market has been strong and prices are up, but recent data is showing us a great indication of just how healthy the market is, and the equity growth homeowners are seeing lately.
Home prices have been posting steady gains all year, and entering this fall, CoreLogic’s Home Price Index showed we’re up to nearly 7% again year-over-year. That number came out of the final August home sales numbers that show 6.9% appreciation, the largest year-over-year gain since a 7.1% increase in March of this year. That’s good news for homeowners, especially since this price growth has been steady and looks to be sustainable going forward even if it flattens out some from the current highs.
Although the lack of inventory in the market may have overall home sales numbers slower, it has actually helped to stabilize price appreciation. CoreLogic has tracked the national home price index growth as hovering steady between 5 and 7 percent per year over the past three years, and they expect it to stay in the lower end of that range for next year. Their HPI Forecast predicts that home prices will appreciate by about 5% on a year-over-year basis from this fall to next.
It’s a good time for homeowners and a great time for the real estate market when we can step back to look at the big picture of home prices, and see them growing at a steady pace over a good chunk of time. And even better to move into the end of this year with the expectation that this should continue for a while to come.
Thinking of listing your home in this market? If you’re wondering about your home’s value in the current conditions we can help you! Ready to make your move and become a homeowner so you can take advantage of the continuing appreciation? Contact us today!