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Home Prices Finally Reach Record Established Over a Decade Ago

Posted by Yijy8kNUMO on November 29, 2016
End in sight to the worst housing market since the great depression has created confidence in a more feasible market expansion.

As of September 2016 the average home price is 0.1% above the peak in 2006 and increased 5.5% over the past year. 2012 brought on a market crash that caused over 9 million families to lose their homes. This year caps a 4 year recovery from 2012, creating relief in homeowners all over the country.

Although the market has peaked, there is still reason to proceed with discretion as fewer homes are being built and homeownership at a record low. Mortgages also continue to be difficult to obtain when home prices have grown substantially faster than the average American income by a large percentage since 2012, creating a very unsustainable market. However, first time homebuyers have risen from 31% to 33% in the last year, but are still far from the historical average of 40%. Signs of the market gaining strength suggest room for growth. With the slow recovery to the housing market lenders are more careful to give loans to first time homebuyers and have put fewer mortgages at default. Even with the recovering market many houses are now being appraised for their original purchase price from over a decade ago.

Reference: The Wall Street Journal, November 29, 2016

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