Low Inventory Pushes Home Prices Higher

Dated: 02/13/2018

Views: 140


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!


http://bit.ly/2Chk8oC

Blog author image

Terry Eibeck

Terry is the Principal Broker at Regional Realty. He is a motivated Realtor specializing with investors and new home buyers located in the following areas; Alexandria, Ft. Thomas, Ft. Mitchell, Indepe....

Want to Advertise on this Site?

Latest Blog Posts

KHC Loan Programs

The DilemmaOne of the most popular objections of my friends and other millennials about purchasing a home is they can't afford it. These days with all the assistance available for home buyers, money

Read More

254 Van Voast And My First Open House

**If you don't want to hear about my first experience with an open house and would rather read about the house itself, scroll to the purple text.**My first open house was on October 27, 2019

Read More

Terry Test

This is my Header Describing whats in the tableCLICK HEREGet A FREE Copy Of The Home Buyer's GuideALREADY OWN YOUR HOME? SEE WHAT IT COULD BE WORTH IN TODAY'S MARKETGo mobile with your Northern

Read More

Mortgage Affordability

Are you dreaming of homeownership but don't know where to begin?  Well you are not alone!  Here is a link to help you determine how much you have to spend on a home and let you know what a

Read More