The Reason Behind Those Higher Home Prices

Dated: 02/13/2018

Views: 60

Low Inventory Pushes Home Prices Higher

Low Inventory Pushes Home Prices Higher | MyKCM

According to CoreLogic’s latest Home 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 level in 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 have gained nearly $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.

Bottom Line

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!

Image title

Colorado Springs Real Estate professional -Christine Sullivan

Christine is a motivated realtor specializing in listings in the Colorado Front Range and new home buyers located in the following areas;Colorado SpringsMonument 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

Blog author image

Christine Sullivan

I arrived in Colorado Springs for a quick vacation in 1993 and within a few days I knew that this is where I belong! I transferred from the college I had just started attending in Orange County, CA an....

Want to Advertise on this Site?

Latest Blog Posts

Highlands Ranch Mansion

Looking for your perfect home or mansion in Highlands Ranch, CO?  Did you know that anyone has a chance to experience a piece of "Highlands Ranch" royalty? Some say that the Highlands

Read More

Yummmm Chocolate Covered Nut Day

National Chocolate Covered Nut Day is observed each year on February 25th.  It is a day for the delicious crunchy nut to be enjoyed once it has been covered in chocolate.  The 

Read More

Aurora Townhome HOT New Listing

NEW LISTING - 913 S Evanston Circle, Aurora - $270,0002 Bedroom (plus loft) / 3 Bathroom / 2 Car Attached GarageThis is a beautiful 2 story townhome with an attached two car garage located in an

Read More

Free Or Close To It Things To Do In Denver This Weekend

Not sure what to do this weekend? Take the family out for the day without breaking the bank - here are a few free or very reasonable things to do on Saturday, February 24, 2018Check Out Four Seasons

Read More