Here in the Northeast Georgia area we are starting to see home prices leveling off. This is especially true in the higher end homes. Sellers of the higher end homes many times have the means to hang on while they leave the price of the home at the upper end,. Median price homes have begun to remain steady instead of the constant increase we were seeing. We have such limited inventory of the $150,000 or below homes in the area that they don’t stay on the market long. I read this article in The MReport this morning. Apparently there are many parts of the country that share this current trend. I found it interesting and thought I would share.
Home Prices: Smallest Annual Gain Since 2012
According to a Redfin report, home Prices in February recorded the smallest year-over-year gain since March 2012 at 0.6 percent and a median of $287,400. The prices fell more than 8percent in San Francisco and San Jose. Newark, Milwaukee, and Buffalo saw prices rise more than 10 percent, the report found.
“When home prices are going up quickly, buyers feel like they are forced to move fast and purchase a home before prices rise even more. Now that home prices are growing slower than inflation (prices for consumer goods were up 1.5 percent annually in February), there really isn’t much downside to taking your time,” said Daryl Fairweather, Chief Economist at Redfin. “And now that mortgage rates are no longer going up every week, buyers in many markets have the luxury of knowing that whether they buy now or later they will pay about the same for a home.”
The report noted that home prices fell in 10 of the 85 largest metro areas tracked by Redfin, with the largest year-over-year declines in Bridgeport, Connecticut (-15.2percent), San Jose, California (-11.3percent) and San Francisco (-7.9 percent). Newark (12.2 percent), Milwaukee (11.8 percent) and Buffalo, NY (11.7 percent) were the metros with the biggest increases in home prices from last year.
To Read The Entire Article From The MReport Click Here
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