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Victoria Cottle

Victoria Cottle

Housing Going Up!

CoreLogic Home Price Insights
CoreLogic’s
latest Home Price Insights monthly report shows home prices are going up
nationally. The change in home prices during April 2018 was 6.9 percent over
April 2017 and the change between March and April 2018 was an increase of 1.2
percent. The forecast for May 2018 is 0.2 percent over April which then puts
home prices 5.3 percent higher in April 2019 compared to April 2018.
CoreLogic’s Chief Economist Frank
Nothaft has stated, “The best antidote for rising home prices is additional
supply. New construction has failed to keep up with and meet new housing growth
or replace existing inventory. More construction of for-sale and rental housing
will alleviate housing cost pressures.”


The best antidote for rising pricesADDITIONAL SUPPLY

President and CEO of CoreLogic Frank
Martell states that, “Florida continues to show price resiliency after Hurricane
Irma in 2017. Despite the impact of the hurricane, prices were up 5.8 percent
across the state compared to a year ago. CoreLogic data projects contained
gains to home prices in Florida for the remainder of 2018. However, gains could
be erased if a significant storm makes landfall again.”


Home price growth across Florida up 5.8% over 1 year ago

As for South
Carolina, the change in home value for April 2018 was 5.3 percent higher than
the same time last year. The projection for April 2019 is 4.7 percent higher.
Month over month percent increase is showing an actual and projected 0.7
percent.
Our closest
Top U.S. Metro area is still Washington, D.C. which is showing a 2.5 percent
home price index change over the same time last year.
The latest
market conditions indicators Metro area maps for April 2018 is showing
Greenville-Anderson-Mauldin are overvalued in April and will continue to be
overvalued into April 2023. Our neighboring metro area to the north Spartanburg
is showing normal valuation which will continue into April 2023.  Columbia metro area will continue to be
undervalued as well with the coastal areas of Charleston, North Charleston,
Hilton Head Island, Bluffton and Beaufort continuing to be overvalued.
My take on
this study is that home prices in our area and across the U.S. will continue to
rise due to a lack of inventory. Builder confidence is still not where it was
before the housing crash of 2007 and rebuilding that confidence will take some
time. Until that recovery happens most markets will be overvalued. It is a
great time to sell! However, interest rates are rising along with the economy
so if you are wanting to move up or move down or just buy for the first time,
don’t wait, do it this year.
And remember
if you, a friend or family member need assistance with selling or buying a home
I can help. Referrals
and people needing
relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

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