Posts in category 'Home Price Appreciation'
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6
Slower but Steady Growth in Housing Market in 2019
Home prices will continue to appreciate and home sales will grow in 2019, slowly but steadily. Across the region in 2018, sales volume was up 1% and the average sales price was up 3%. There was considerable variation from market to market, which can be seen on our Regional Activity Chart below. Ruhl&Ruhl Realtors sales volume was up 3.7% to $917,973,157 and our average sales price was up 3%. Click here to read more about Ruhl&RuhlRealtors' Best Year Ever. Lack of affordable inventory slowed sales in 2018. Thankfully, our months of inventory is now higher in most of our markets, which translates to a more balanced housing market instead of a seller's market.
18
Home Appreciation is Strong and Stable in our Region
Five-year home appreciation in our region was between 10.36% and 15.26% with all of our regional Metropolitan Statistical Areas experiencing a positive gain. "Home prices continue to rise across the U.S. but there are signs of tapering," said Dr. William Doerner, Senior Economist. "Since housing markets began to rebound in 2012, house price appreciation has been positive because demand has outpaced supply. In the last month, however, some regions reflect a slowing or even flattening of house price growth." In the past year, home prices are up: 5.14% in Dubuque; 3.11% in Iowa City; 1.89% in the Quad Cities and 3.26% in Cedar Rapids. This compares to other cities: Des Moines, IA up 4.61% and Chicago, IL up 4.50%. This data is provided by the FHFA for the first quarter of 2018 (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 | + 3.26% | + 10.36% |
| Davenport-Moline-Rock Island, IA-IL | + 1.89% | + 10.41% |
| Des Moines-West Des Moines, IA | + 4.61% | + 21.73% |
| Dubuque, IA | + 5.14% | + 12.38% |
| Iowa City, IA | + 3.11% | + 15.26% |
| USA | + 6.89% | + 34.25 |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the first quarter of 2018. 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.
"Years of low inventory and pent up buyer demand have resulted in a Seller's Market in the affordable price ranges across many of our local areas," said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. "We are unsure of how long this trend will continue, especially given the trends with mortgage rates. We urge people who are on the fence about selling their home to contact your local real estate professional for a free market analysis." Wondering how appreciation has affected your home? Contact your Ruhl&Ruhl Realtor to receive your free market analysis! Or contact us at 1.866.441.1776 or customerservice@ruhlhomes.com to be put in touch with a local, trusted expert!
3
Record Breaking Sales and Home Prices Appreciating
The first half of 2017 saw a record number of homes sold and closed in our region. In the Quad Cities, for example, the Multiple Listing Service (MLS) had the most sales closed from January through June that we have had since 2000 – a 17-year high (See Mid-Year Comparison Chart).
Our Regional Activity Chart
3
The Quad Cities Experiences the Largest One-Year Gain in Region
Five-year home appreciation in our region was between 6.96% and 15.32% with all of our local Metropolitan Statistical Areas experiencing a positive gain.
"Although interest rates rose sharply during the fourth quarter, our data show no signs of a home price slowdown," said Federal Housing Finance Agency (FHFA) Deputy Chief Economist Andrew Leventis. "Although it will certainly take more time for the full effects of the elevated interest rates to be felt, there is no evidence of a normalization in the unusually low inventories of homes available for sale, which has been the primary force behind the extraordinary price gains."
In the past year, home prices are up: 4.33% in Dubuque; 2.02% in Iowa City; 5.50% in the Quad Cities and 2.44% in Cedar Rapids. This compares to other cities: Des Moines up 3.99% and Chicago, IL up 3.89%. This data is provided by the FHFA for the fourth quarter of 2016 (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 | + 2.44% | + 6.96% |
| Davenport-Moline-Rock Island, IA-IL | + 5.50% | + 11.39% |
| Des Moines-West Des Moines, IA | + 3.99% | + 15.32% |
| Dubuque, IA | + 4.33% | + 11.67% |
| Iowa City, IA | + 2.02% | + 12.49% |
| USA | + 6.15% | + 33.05% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the fourth quarter of 2016. 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.
"With such a low inventory of houses for sale," said Caroline Ruhl, president of Ruhl&Ruhl Realtors, "This could be an ideal time for you to sell your home and move up to your dream house. We recommend that you consult with your real estate professional to learn more about the real estate activity in your local neighborhood. The public can also request a Neighborhood Report from any Ruhl&Ruhl Realtor or go to ruhlhomes.com and click on "Get Neighborhood Market Activity' underneath the photo on the homepage."
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