As we are entering the fall months, we are beginning to see a seasonal slow down in home buying. Of course, this comes after a year-long super competitive housing market. Interestingly, the month of August set a new record for annual price gains. In fact, the annual price gains seen in the month of August reached a whopping 18.1%! According to the CoreLogic Home Price Index (HPI™), this is the largest annual gain for home prices since tracking began in January 1976.
- Detached single-family homes continue to be in highest demand in the market with a price appreciation of 19.8%.
- Attached properties saw a price appreciation of 12%.
- CoreLogic predicts that home price growth will slow to a 2.2% increase by August 2022 due to ongoing affordability challenges.
- Idaho and Arizona again led the way with the strongest price increase at 32.2% and 29.5%, respectively. (A majority of this demand coming from evacuees from California.)
If you purchased your home prior to the beginning of the pandemic, it is likely that you have seen significant appreciation in your property’s value. With this said, if you are currently paying for property mortgage insurance (PMI), it is possible that you may be able to remove it by simply having your property appraised. We previously wrote an article about this: https://livesouthfloridarealty.com/how-to-get-rid-of-pmi/.
Although all indicators point to a slow down in real estate activity, there continues to be pent up demand from buyers that were not able to successfully purchase a home during the past year or so. A gradually improving inventory should help alleviate some of this lingering buyer demand in the market.
At Live South Florida Realty, Inc. we have assisted many clients build their real estate investment portfolios. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!