On average home prices have increased 6.9% over the past year.
“Among the states, Washington and Utah had the greatest year-over-year gains in August, up 13 percent and 11.2 percent, respectively. West Virginia was the sole state in August with negative home price growth, recording a 1.7 percent decline.”
Veros Real Estate Solutions, an analytics firm, forecasts that prices will continue to increase, specifically 4% over the next year.
“Our Q3 forecast reveals the largest percentage of markets we have ever seen that are forecast to appreciate, with only 3% of markets expected to depreciate – showing continued general market strengthening for the overall U.S. residential real estate market,”
But what about home prices in the Bay Area, Paragon Real Estate Group has a fascinating article looking at the “30+ years of San Francisco Bay Area real estate boom and bust cycles”:
“As of early-2017, it appears that the SF economy and housing market have cooled to some degree after 4 years of feverish appreciation. But the change varies by segment: The affordable house segment remains quite hot; more expensive house prices have generally plateaued; the condo market has cooled much more and seen price declines, and the luxury condo market has cooled the most. The condo market has been affected by the surge of new-construction condos hitting the market recently.”