Gambling on the housing market? Read this first
It looks like would-be homeowners are in luck. According to CoreLogic’s most recent U.S. Home Price Insights report, home prices are stalling—and it could mean more affordable real estate is on the horizon.
September home prices see minimal growth
According to CoreLogic’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, CoreLogic’s Chief Economist, that’s the lowest annual growth rate we’ve seen in three years.
“While 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,” Nothaft said. “Over the last three years, price growth in the CoreLogic national index has been between 5 percent and 7 percent per year.”
Where home prices are stalling most
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.
What are today’s mortgage rates?
With home price growth finally stalling — and experts projecting it to slow even further — there’s never been a better time to buy a home. Just make sure you shop around for the best mortgage rates first.