Is Home Price Appreciation Accelerating Again?
At the beginning of the year, industry forecasts called for home price appreciation to slow to about half of the double-digit increase we saw last year. Mike Eastwood Author & Chief Executive Officer of West USA Realty of Prescott states. The thinking was that inventory would increase from record-low levels and put an end to the bidding wars that have driven home prices up over the past twelve months. However, that increase in inventory has yet to materialize. The National Association of Realtors (NAR) reports that there are currently 410,000 fewer single-family homes available for sale than there were at this time last year.