The U.S. home market seems to be on a fast moving freight train going 100 miles per hour down the track for improved home values for 2018. Is this all positive in the housing market, or are there black clouds behind the trains caboose? Read More…….
As a country, and as a state, Florida seems to be tagging right along with the national housing trends for 2018. So far for calendar year 2018, values for homes in America and Florida are up in value by 6.3%.
What started out to be a slow year in January, quickly picked up steam in February, and has not shown any let up now for the past 7 month’s. The trend for increased value, is a direct reflection of low inventories in some home price ranges [less than $250,000]…higher wages….still low mortgage rates…availability of mortgage money to lend.
While this trend is likely to slow over the last quarter of the year, there seems to be no current let up in value increases for homes. In fact, equity positions for homeowners is at an all time high right now.
Of concern, is the fact that current home values have climbed more than double that of average wage growth. While the job market is certainly hot…the higher paid career positions have not increased exponentially like home values. Another concern is mortgage rates, which are approaching 4.53%. This is up from a year ago of 3.77%.
The remaining portion of the year seems to be cloudy and with mixed signals. Hopefully we will not see any major slow downs in the housing market, since it is one of the major driving forces for the American economy.
For those just getting into the housing market, its a great time to own a home!! Just be aware, in some price ranges, its a sellers market!!