> > > Home Prices Projected to Appreciate
The recent rebound of home sales suggests the pandemic did not derail home buyers. Home price appreciation continues at a solid pace, reflecting fundamental strength in demand and the limited amount of available listing inventories. As we move forward, home prices should level out with a moderate level of growth. If you were expecting values to drop as they did in the previous recession, that probably won’t happen. Of the last six recessions, home values declined in only two of them. This time housing will be part of the solution. Housing is positioned to be one of the driving forces of the economy. Will we see a wave of foreclosures as a result of the current crisis? While that is still possible, the number of mortgages in active forbearance has been leveling off and homeowners have much higher amounts of equity to work with, especially if values hold as expected.
< 1 minute Halfway through December, the 2022 average sale price of a single family home in Washtenaw County is $455k. That’s up 30% from 2019 and 12% compared to last year. The [...]
< 1 minute Passing through the fourth quarter, both market times and the frequency of price reductions are rising, but the best new listings continue to sell quickly—frequently at or above full price. [...]
< 1 minute The pandemic-induced run-on home purchases is fading, but across all price ranges, the best move-in-ready properties are still selling at or over-asking and quickly. At the same time, average and [...]