Tuesday, September 18, 2018

Home Prices: The Difference 5 Years Makes

Home Prices: The Difference 5 Years Makes | MyKCM

CoreLogic recently released their Home Price Index ReportOne of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from July 2013 to July 2018 to show how prices over the last five years have fared.
The graph below was created to show the 5-year change in price from July 2013 to July 2018 by price range.
Home Prices: The Difference 5 Years Makes | MyKCM
As you can see in the graph, the highest price appreciation occurred in the lowest price range with 48% growth, while the highest priced homes appreciated by 25%. This has been greatly fueled by the lack of inventory of homes available at the lower price ranges and high demand from first-time buyers looking to enter the market.

Where were prices expected to go?

Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).
According to the Q3 2014 survey results, national homes prices were projected to increase cumulatively by 19.5% by December 2018. The bulls of the group predicted home prices to rise by 27.8%, while the more cautious bears predicted an appreciation of 11.2%.

Where are prices headed in the next 5 years?
Data from the most recent HPES shows that home prices are expected to increase by 20.0% over the next 5 years. The bulls of the group predict home prices to rise by 31.2%, while the more cautious bears predict an appreciation of 9.3%.

Bottom Line

Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even greater than those before the Great Recession. If you’re wondering if you have enough equity to sell your house and move on to your dream home, let’s get together to discuss conditions in our neighborhood!

Thursday, September 13, 2018

August 2018 Real Estate Market Statistics

The following is the latest Real Estate Market Statistics for August 2018.
Click here for the full report

  • Sales:   2,967 in August 2018 vs 2,736 last August  8.4 %
  • Pending Sales:   2,760 in August 2018 vs 3,072 last August:  -10.21%
  • New Listings:   4,214 in August 2018 vs 4,048 last August:  4.1%
  • Average Sales Price:   $454,500 in August 2018 vs $429,000 last August:  5.9%
  • Total Market Time: 40 days in August 2018 vs 34 days last August:  18.3%
  • Inventory in Months: 2.3 months in August 2018 vs 2.0 months last August
Inventory by Area:
  • NW Washington County   2.40 months
  • Beaverton/Aloha               1.39months
  • Hillsboro/Forest Grove     2.02 months