Sep 12 2018 5018 1

Dated: 09/12/2018

Views: 35

Home Prices Have Appreciated 6.9% in 2018

Home Prices Have Appreciated 6.9% in 2018 | MyKCM

Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey.

Every month, the economists at CoreLogic release the results of their Home Price Insights Report, which includes the actual year-over-year change in prices across the country and their predictions for the following year.

The chart below shows the forecasted year-over-year prices for 2018 (predictions made in 2017). According to their predictions, the average appreciation over the course of 2018 should be 4.8%, which is still greater than the ‘normal’ appreciation of 3.6%.

Home Prices Have Appreciated 6.9% in 2018 | MyKCM

If we layer in the actual price appreciation that has occurred this year, we can see that over the course of 2018, home prices have appreciated by an average of 6.9% and have outpaced projections all year!

Home Prices Have Appreciated 6.9% in 2018 | MyKCM

What does this mean?

The tale of today’s real estate market is one of low inventory, high demand, and rising prices. The forces at work can be simply explained with the theory of supply and demand. That being said, if a large supply of inventory were to come to the market, prices may start to appreciate closer to the forecasted rate which would STILL be greater than the historic norm!

Bottom Line

If you are a homeowner whose house no longer meets your needs, now may be a great time to list your home and capitalize on the equity you have gained over the last year to make a significant down payment on your next home!

Blog author image

Jeri Patrick

In today’s complex and difficult real estate market you need a professionals who will do whatever it takes to market and sell your home. Jeri Patrick has a team with an established history of succes....

Want to Advertise on this Site?

Latest Blog Posts

Dec 7 2018 5018 1

The Tale of Two Markets [INFOGRAPHIC]Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that

Read More

Dec 6 2018 5018 1

2008 vs. Now: Are Owners Using Their Homes as ATMs Again?Over the last six years, we have experienced strong price appreciation which has increased home equity levels dramatically. As the numberâ€

Read More

Dec 5 2018 5018 1

Where Are Interest Rates Headed in 2019?The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That is why

Read More

Dec 4 2018 5018 1

Homeowners Aged 65+ Have 48x More Net Worth Than RentersEvery three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all

Read More