Two of the most important indicators of home appreciation came out this morning, and they both showed the same thing: home price increases are. Economists are forecasting continued slowdowns in appreciation, according to polls by Reuters, Zillow and others., covering all nine U.S. census divisions, reported a 4.7% annual gain in December, down from 5.1% in the previous month, and down from the six-percent-plus rates of increase reported one year ago.
The low supply of for-sale listings, combined with strong demand, has led to weak home sales data lately. It has also contributed to fast appreciation and record home prices. The shortage of homes for sale relative to demand has led to competitive bidding among prospective buyers. This is driving prices out of reach for many, particularly first-time home buyers.
Last year San Francisco and Seattle were rising right behind Las Vegas, with double-digit rates of appreciation, but they have since cooled off. Now Las Vegas is the only market in this list with a double-digit rate of increase.
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Home-Price Growth at Slowest Pace in Four YearsSlower price growth could be good news for the housing market in the crucial spring months if it pulls buyers back into the market, especially if mortgage rates, which have fallen recently, remain low. Inflation should show up in house prices so I'd be surprised to see a drop. I feel we need to make housing more affordable for low income individuals, to survive. One thing that I firmly believe if socialism serves, a common theme in America is everyone should have the basic survival nesesities, to live. Like Food, Clothing, Housing ect. Good news 👍
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