John Hays, Broker/Realtor®
Bainbridge Island, Poulsbo, Silverdale,
Bremerton, Kingston, Port Orchard, Gig Harbor, University Place, North Tacoma
Call or text 206-419-5001
johnhays@cbbain.com
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Certified NFCU and Realogy Military Rewards Broker
The housing market has been hot for a while now. Homes have been flying off the shelves as fast as they have been listed. Buyers have been competing in bidding wars just to find a home to buy, let alone find their dream home.
This ‘seller’s market’ has driven home prices to new heights. Home price appreciation averaged over 6% across the country.
However, home price growth has recently started to cool down. The latest report from CoreLogic shows that home prices have only risen by 4.7% over the last 12 months.
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An emerging trend for some time now has been the difference in both demand and available inventory between the premium and luxury markets and the starter and trade-up markets. Unsurprisingly, those differences are making a corresponding difference in prices.
Inventory continues to rise in the luxury and premium home markets, which is causing prices to cool.
Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 80 consecutive months.
