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What’s Going On With Home Prices?

What’s Going On With Home Prices? | MyKCM

According to CoreLogic’s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year.

CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change,

“The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home. The slackening in demand is reflected in the slowing of national appreciation, as illustrated in the CoreLogic Home Price Index.  

National appreciation in August was the slowest in nearly two years, and we expect appreciation to slow further in the coming year.”

One of the major factors that has driven prices to accelerate at a pace of between 6-7% over the past two years was the lack of inventory available for sale in many areas of the country. This made houses a prized commodity which forced many buyers into bidding wars and drove prices even higher.

According to the National Association of Realtors’ (NAR) latest Existing Home Sales Report, we are starting to see more inventory come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow.

Historically, prices appreciated at a rate of 3.7% (from 1987-1999). CoreLogicpredicts that prices will continue to rise over the next year at a rate of 4.7%.

Bottom Line

As the housing market moves closer to a ‘normal market’ with more inventory for buyers to choose from, home prices will start to appreciate at a more ‘normal’ level, and that’s ok! If you are curious about home prices in your area, let’s get together to chat about what’s going on!

Open Houses This Weekend In Scripps Ranch

From Timberlane to Stonebridge there are great houses for sale all over Scripps Ranch this weekend. If you would like to view any of them or find out additional information, give me a call and I would be more than happy to assist you! #WhoYouWorkWithMatters #ScrippsRanch #HomesbyFelicity

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Happy Friday Scripps Ranch! This week we are featuring Yanni's Bar & Grill for our Food For Your Friday review. Yanni's is an amazing Greek and Mediterranean restaurant in Scripps Ranch that truly offers something delicious for everyone. Check out our post and if you're a regular here, please let us know some of your favorite meals and beverages! 

 

Open Houses This Weekend in Scripps Ranch

Hello Everyone and Happy October 1st!! I am so excited to welcome Fall to San Diego and I hope you are all too! Some cooler weather would definitely be nice. Below are all of the open houses happening this weekend in Scripps Ranch. If you would like any additional information regarding any of the properties listed below, please give me a call or shoot me an email and I would be more than happy to assist you with anything. Have a great weekend everyone!! 

 

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Happy Friday Scripps Ranch! A great way to kick off the weekend is by visiting some great local restaurants and breweries! This week I am featuring Cellar 3, the Green Flash Tasting Room in Poway. To say their beers are great is an understatement! If you've been there, share your thoughts on the place as well, I'd love to hear your reviews! I hope you all have an amazing weekend!! 

 

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Hello Scripps Ranch! Here are the amazing open houses for the weekend!! Some of them have recently had price reductions which is very exciting for any potential buyers. If you have any questions regarding any of the properties listed for sale below, please reach out to me and I would be more than happy to answer any and all questions! #WhoYouWorkWithMatters 

 

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