Posts from September 14th, 2017
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14
Tight Inventory Continues to Lead to Increases in Home Price Appreciation
Five-year home appreciation in our region was between 8.13% and 14.74% with all of our regional Metropolitan Statistical Areas experiencing a positive gain.
"U.S. house prices rose in nearly every state during the second quarter," said FHFA senior economist William Doerner. "The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years."
In the past year, home prices are up: 3.64% in Dubuque; 2.83% in Iowa City; 3.64% in the Quad Cities and 2.78% in Cedar Rapids. This compares to other cities: Des Moines up 5.24% and Chicago, IL up 5.34%. This data is provided by the FHFA for the second quarter of 2017 (see chart and website below). Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more.
|
Metropolitan Statistical Areas (MSAs) |
Percent Change in House Prices |
|
|
|
1 Year |
5 Year |
|
Cedar Rapids, IA |
+ 2.78% |
+ 8.13% |
|
Davenport-Moline-Rock Island, IA-IL |
|
+ 12.15% |
|
Des Moines-West Des Moines, IA |
+ 5.24% |
+ 20.56% |
|
Dubuque, IA |
+ 3.64% |
+ 12.47% |
|
Iowa City, IA |
+ 2.83% |
+ 14.74% |
|
USA |
+ 6.64% |
+ 34.24% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the second quarter of 2017. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.
"Tight inventory continues in the affordable price ranges to be the story of our local markets," said Caroline Ruhl, President of Ruhl&Ruhl Realtors, "Tight inventory means there are fewer homes for sale than we normally see in comparison to the number of buyers looking. Although it varies by price range and neighborhood, we are still seeing a strong seller's market in many areas of our region. Even if you are considering selling in the next year, now is a good time to start the process and to get a free market analysis from a Ruhl&Ruhl Realtor."
