Housing markets seem to have good times which started a few years ago but hit the highest prices in 2017. Of course, as I have said, it didn’t happen overnight, but it was an ongoing progress which lasts for 58 months. Yes, these are the good news for house marketing investors and businessmen, but what about families? If you take a look at the average salary in the US, it is literally impossible to buy a home anymore.
When did these prices jump the hardest? It all happened this summer, starting from August, when home prices jumped for literally 6.9%, compared to the previous year. Is it something temporary or families need to be worried about their future? I will have to disappoint you here, because CoreLogic, which is the leading provider of real estate information claimed that people in the United States can expect this rate to go higher by the next year.
It won’t be a percent or even two, it will rise to incredible 4.7% by August 2018! What are the things which continue to worry home buyers, and especially families? They are facing affordability issues, as I have already explained that through an average salary of a person. They are also worried because the statistics don’t seem to be better, but they are going to be worse. The owners are very satisfied with these facts, of course. I will now represent you the top 12 US markets where home prices have jumped the most! I hope that this information will help you if you are a home buyer.
1.Washington. The prices here are the highest. 12-month change is 13% and forecasted year-over-year change is 5.4%. If you were dreaming about buying your lovely home in this area, I think that you will need to reassess your wishes. But, if you are a homeowner and trying to sell your house, this is the good news for you.
2.Utah. Right behind Washington, we have Utah. They have a 12-month change of incredible 11.2% and also a change of 4.5%. Yes, a nice place for living, especially if you are a winter lover, but I am sure that you will find a cheaper home which will also be able to satisfy your needs.
3.Michigan. Their home market took the 3rd place. With a 12-month change of 8.7% and a year-over-year change of 5.7%, it isn’t the best choice for people who have average salaries.
4.Idaho. What raised the prices in Idaho is that it became more popular place than it was ever before. Also, with its popularity, it became expensive too. The 12-month change of 8.7% and year-over-year change of 4.9% still may not be an affordable choice for average families.
5.Maine. I may admit that this place looks amazing. I have already dreamed to live in such environment. But, the 12-month change of 8.6% and 7.3% yearly change made me think different.
6.Oregon. People who were interested in buying their home in Oregon claimed that if they wanted to afford it, they would need to sell their car to afford their mortgage later in life. A dark humor… 12-month change is 8.6% and year-over-year change is 6.1%.
8.Nevada. Do you know what is the only thing which is hotter than the Vegas Strip? The home prices! The 12-month change is 8.5% and year-over-year change is 8.7%.
9.New York. What else to say about this place. Everyone has heard of it and wanted to visit it at least once in their life. Do you want to live in New York? Well, it doesn’t come cheap! The 12-month change is 7.9% and the forecasted year-over-year change is 5.2%.
10.California. So many beautiful homes are waiting in California for their perfect buyers! Sadly, most of the people are not able to afford it. The 12-month change is 7.1% and the year-over-year change is 8.7%.
11.Tennessee. Their prices are going higher by each day. It wasn’t like that always, but now the 12-month change is the same as for California and the year-over-year change is a bit lower, 3.4%.
12.Hawaii. Well, I may admit that I have dreamed at least once to live there. Palm trees and ocean waves? It doesn’t come cheap anymore. The 12-month change is 6.7% and year-over-year change is 5.4%. What will happen with home prices in 2018, I have already explained.