Housing Appreciation Is Up All Over The Nation
Every state had rising home appreciation for 2016 except: Wyoming, North Dakota, Alaska, Oklahoma, Vermont, Rhode Island, West Virginia and Delaware. Everywhere else, prices not only rose, but did so significantly. And this should make all Californians feel a little better about staying in California; our percentage was 6.6, while the State of Washington rose 10.2%, Oregon a whopping 11%, Colorado 10.6%, Nevada came in at 9%, and Arizona was 7.2%. Considering you head to those states you lose the weather, the ocean, or both, and a skilled work force, and it may be better to stick out our rising home prices. Even those tempted a little further east and south to Texas, will find 7.7% appreciation. These numbers are brought to you by the Federal Housing Finance Agency in their Quarterly Home Price Index.
Locally, we have seen inventory about 8% tighter in the under $500,000 price range. Simply put, not as many homes have hit the market this year, compared to last year. However the spring season is young, and we may seem some sellers decide to test the market to see if it’s the top or not. No one knows, but appraisers may start to rein in their valuations.