Home Prices The Difference 5 Years Makes

Dated: 03/08/2018

Views: 30

Home Prices: The Difference 5 Years Makes


Home Prices: The Difference 5 Years Makes | MyKCM


The economists at CoreLogic recently released a special report entitled, Evaluating the Housing Market Since the Great Recession. The goal of the report was to look at economic recovery since the Great Recession of December 2007 through June 2009.

One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from December 2012 to December 2017 to show how prices over the last five years have fared.

Frank Nothaft, Chief Economist at CoreLogic, commented on the importance of breaking out the data by state,

“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011. After finally reaching bottom in 2011, home prices began a slow rise back to where we are now.

Greater demand and lower supply – as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels.”

The map below was created to show the 5-year appreciation from December 2012 – December 2017 by state.

Home Prices: The Difference 5 Years Makes | MyKCM

Nationally, the cumulative appreciation over the five-year period was 37.4%, with a high of 66% in Nevada, and a modest increase of 5% in Connecticut.

Where were prices expected to go?

Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).

According to the December 2012 survey results, national homes prices were projected to increase cumulatively by 23.1% by December 2017. The bulls of the group predicted home prices to rise by 33.6%, while the more cautious bears predicted an appreciation of 11.2%.

Where are prices headed in the next 5 years?

Data from the most recent HPES shows that home prices are expected to increase by 18.2% over the next 5 years. The bulls of the group predict home prices to rise by 27.4%, while the more cautious bears predict an appreciation of 8.3%.

Bottom Line

Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even higher than before the Great Recession. If you’re wondering if you have enough equity to sell your house and move on to your dream home, let’s get together to discuss conditions in our neighborhood!

Want to Advertise on this Site?

Latest Blog Posts

Almost New Townhouse Near Future Ashburn Metro

22634 Cambridgeport Square$549,999 Townhouse 4 Beds, 3 Baths, 2 Half Baths, Ashburn Open House Sun 01:00:00 PM - 04:00:00 PMOpen House! Sun 01:00:00 PM - 04:00:00 PM FIRST OPEN HOUSE!

Read More

Home Prices Have Appreciated

Home Prices Have Appreciated 6.9% in 2018 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

Read More

NAR Reports Show Its A Great Time To Sell

NAR Reports Show It’s A Great Time to Sell! We all realize that the best time to sell anything is when the demand for that item is high and the supply of that item is limited. The last two

Read More

4 Reasons Why Fall Is A Great Time To Buy A Home

4 Reasons Why Fall Is A Great Time to Buy A Home! Here are four great reasons to consider buying a home today instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest

Read More