It looks like would-be homeowners are in luck. According to CoreLogicâ€™s most recent U.S. Home Price Insights report, home prices areÂ stallingâ€”and it could mean more affordable real estate is on the horizon.Click to see today's rates (Oct 22nd, 2017)
According to CoreLogicâ€™s data, home prices grew just 0.9 percent from July to August. And in September? The firm projects that growth will slow even more, with prices rising just 0.1 percent for the month.
On an annual basis, prices rose 6.9 percent since August 2016, but again, CoreLogic projects that rate to stall as the year goes on. In fact, from August 2017 to August 2018, prices are forecasted to grow just 4.7 percent.
According to Frank Nothaft, CoreLogicâ€™s Chief Economist, thatâ€™s the lowest annual growth rate weâ€™ve seen in three years.
â€śWhile growth in home sales has stalled due to lack of inventory during the last few months, the tight inventory has actually helped stabilize price growth,â€ť Nothaft said. â€śOver the last three years, price growth in the CoreLogic national index has been between 5 percent and 7 percent per year.â€ť
Though prices have grown 6.9 percent over the year, there are some states posting growth rates well below that. In Wyoming, for example, prices rose just 0.3 percent in August and 1.7 percent since last year.
Oklahoma had similar numbers, with home prices holding steady for the month and rising just 1.9 percent over the year. West Virginia home prices actually dropped 1.7 percent since last August, though they rose 0.6 percent over July.
States with the highest annual increases were Washington, with a 13 percent jump, and Utah, which posted gains of 11.2 percent since last year. On the metro level, Las Vegas lead the way with an 8.4 percent rise in home prices. Denver was close behind, with an 8.3 percent growth rate.
With home price growth finally stalling â€” and experts projecting it to slow even further â€” thereâ€™s never been a better time to buy a home. Just make sure you shop around for the best mortgage rates first.Click to see today's rates (Oct 22nd, 2017)
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
Lorraine L. Medical Compliance
Thank you for The Mortgage Reports. I find your reports to be both helpful and informative.
Thomas D. Software Developer
As a first time home buyer, The Mortgage Reports has been the only voice that I can trust, and the expertise has been helpful.
Marie M. Real Estate Agent
I have been a Realtor for more than 30 years and enjoy The Mortgage Reports. It's terrific to learn something new almost every day.
2017 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)