We should probably be
grateful that those who forecast the economic future aren't the people
responsible for creating it. Economists have been forecasting a decline in home
price appreciation for some time now. And while price gains have slowed a bit,
they're still pretty good.
A global real estate information provider
reported U.S. home prices nationwide were up 6.4% year-over-year in September.
Annual gains in fact have been ranging between 4.8% and 6.5% for the last 15
months, which sounds like pretty stable appreciation. The firm projects
a 4.7% price gain by September 2016, but cautions the increase may dip from
September to October.
Another real estate information company reports that the third quarter was
the most profitable time to sell a home in 8 years. Homeowners who sold
this past July, August, and September made more than during any other quarter
since 2007: an average price gain of $40,658, or 17%, over the purchase
price of their property.
Sellers owned their homes for 6.72 years, on
average, at the time of sale. Finally, an annual survey by the National
Association of Realtors (NAR) revealed that the share of first-time buyers
declined for the third year in a row, from 33% to 32%, the second lowest read
since 1987's 30% level. Historically, first timers should make up nearly 40% of
primary purchases.
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