According to HSH, an online lending marketplace, in its HSH Home Price Recovering Index, 75 of 100 housing markets in the country’s major metros have achieved full home price recovery since the 2008 financial and housing crises. That leaves 25 major markets that have not.
The HSH Recovering Index report stated, “Even after years having passed since the last decade’s boom and bust, at least some homeowners in 25 major metros have not yet seen their homes recover to peak values reached during the previous boom. With home prices cooling in a number of areas and with concerns about slowing economic growth filling the headlines, it’s beginning to seem likely that a fair number of markets simply won’t see strong enough price gains to reach complete recovery before the next economic downturn softens home values”
Knight Frank, one of the world’s largest global property consultancies, indicated that US home price growth fell to near 7-year lows during March 2019, the 13th consecutive month of slowing home price appreciation. Since March, home price appreciation has cooled even more.
All this being said, CoreLogic, provider of information intelligence for property-level insights backed by science and analytics, has a very different point of view. Its Home Price Forecast projects home price appreciation to climb by +5.4% as early as 2020.
CoreLogic’s president and CEO, Frank Markell, believes, “Low rates are…making it more affordable to buy homes and Millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices which will likely continue to rise for the foreseeable future.”
There you have it…one present tense reality concerning home price appreciation shared by two well-established and respected real estate experts and one future tense prediction concerning home price appreciation by a third well-established and respected real estate expert. We suggest you consider all viewpoints.
Thanks to Alcynna Lloyd writing for HousingWire for source data.
