Home price appreciation is destined to slow further, and in some areas of the country, it is going to slow sharply. Income ratios and soon-to-be-rising interest rates will drive a leveling off of home prices, particularly in the most expensive markets in the country.
Two of the most important indicators of home appreciation came out this morning, and they both showed the same thing: home price increases are. Economists are forecasting continued slowdowns in appreciation, according to polls by Reuters, Zillow and others., covering all nine U.S. census divisions, reported a 4.7% annual gain in December, down from 5.1% in the previous month, and down from the six-percent-plus rates of increase reported one year ago.
The low supply of for-sale listings, combined with strong demand, has led to weak home sales data lately. It has also contributed to fast appreciation and record home prices. The shortage of homes for sale relative to demand has led to competitive bidding among prospective buyers. This is driving prices out of reach for many, particularly first-time home buyers.
Last year San Francisco and Seattle were rising right behind Las Vegas, with double-digit rates of appreciation, but they have since cooled off. Now Las Vegas is the only market in this list with a double-digit rate of increase.
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