Home Prices The Difference 5 Years Makes

Dated: 03/09/2018

Views: 14

The economists at CoreLogic recently released a special report entitled, Evaluating the Housing Market Since the Great Recession. The goal of the report was to look at economic recovery since the Great Recession of December 2007 through June 2009.

One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from December 2012 to December 2017 to show how prices over the last five years have fared.

Frank Nothaft, Chief Economist at CoreLogic, commented on the importance of breaking out the data by state,

“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011. After finally reaching bottom in 2011, home prices began a slow rise back to where we are now.

Greater demand and lower supply – as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels.”

The map below was created to show the 5-year appreciation from December 2012 – December 2017 by state.

Home Prices: The Difference 5 Years Makes | Keeping Current Matters

Nationally, the cumulative appreciation over the five-year period was 37.4%, with a high of 66% in Nevada, and a modest increase of 5% in Connecticut.

Where were prices expected to go?

Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).

According to the December 2012 survey results, national homes prices were projected to increase cumulatively by 23.1% by December 2017. The bulls of the group predicted home prices to rise by 33.6%, while the more cautious bears predicted an appreciation of 11.2%.

Where are prices headed in the next 5 years?

Data from the most recent HPES shows that home prices are expected to increase by 18.2% over the next 5 years. The bulls of the group predict home prices to rise by 27.4%, while the more cautious bears predict an appreciation of 8.3%.

Bottom Line

Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even higher than before the Great Recession. If you’re wondering if you have enough equity to sell your house and move on to your dream home, contact a local real estate professional who can help!

Blog author image

Angela Johnson

Angela Johnson, REALTOR, began her career in real estate in 2008 with a goal to motivate and educate others in the industry. Since then, her passion has allowed her many roles serving fellow REALTORS,....

Want to Advertise on this Site?

Latest Blog Posts

How To Use Comparable Sales To Price Your Home

Before you put your home up for sale, understand how the right comparable sales help you and your agent find the perfect price.How much can you sell your home for? Probably about as much as the

Read More

Moving Up Is More Affordable NOW

Moving Up Is MORE Affordable Now Than Almost Any Other Time In 40 Years 2.5KSHARES 2.4K 113 0 35 0 If you are considering selling your current home, to either move

Read More

Millennial First Time Homebuyers

Today’s housing market can be a challenge for first-time buyers with inventory and affordability not in their favor.  Experts say that the number of first-time homebuyers is likely to shift

Read More

Saving For That Down Payment On Your New Home

You Can Save for a Down Payment Faster Than You Think!Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and

Read More