Good news on the home appreciation front…real estate valuations are continuing to increase at a rapid pace!
Check out these numbers…
CASE-SHILLER
The Case-Shiller Home Price Index, which is considered the “gold standard” for appreciation, showed home prices rose 1.2% in August and 20% year-over-year, which was unchanged from the previous reading.
This was the first time since early 2020 we have not seen a year-over-year increase, which means that we might have reached the height of annual growth and we will start to see those appreciation numbers slow a bit.
With that said, it’s not that prices are declining, they are just increasing at a slower rate.
As you can see above, Phoenix, San Diego, and Tampa reported the highest annual gains.
FHFA
The FHFA (Federal Housing Finance Agency) released their House Price Index, as well. This measures home price appreciation on single-family homes with conforming loan amounts.
Home prices rose 1% in August of 2021 and are up 18.5% year-over-year, down from 19.2%.
Believe it or not, this is the first time we actually saw prices moderate on an annual basis in quite some time. We are still seeing home prices rise, but just at a slightly slower pace.
This is great news for homeowners, as their equity position has increased tremendously over the last 3+ years.
If I can be of help in strategizing on a purchase or refinance, don’t hesitate to reach out, as it would by my pleasure to do so!
