More Evidence That Price Growth May Be Slowing
Over the past few years, rising buyer demand combined with a lower-than-normal number of homes for sale has led to higher home prices in markets across the country. And, though the rate at which prices have increased may differ from one market to the next, affordability conditions aren't what they were just a few years ago. However, new data may indicate that change is on the way. That's because there is evidence that home price growth may be starting to slow. In fact, according to one recent analysis, price increases are slowing in almost 75 percent of the nation's largest markets, including Seattle, Orlando, Boston, Los Angeles, and Portland. In some cases, the drop has been dramatic. For example, in Seattle – last year's fastest-appreciating market – the rate at which prices grew fell from 14.2 percent to 9.1 percent. But, though this is undoubtedly good news for buyers interested in purchasing a home, it doesn't mean we're headed for a buyer's market any time real soon. That's because, year-over-year growth is still faster than historically normal. More here.