A home’s price isn’t the only factor to consider when calculating the cost of a home. Things like mortgage rates, potential maintenance and upkeep, property taxes, and insurance are all part of the equation. However, the listed price is still the main factor, and it’s the easiest to measure. Because of this, prospective homebuyers are always thinking about where home prices are headed. New numbers from ATTOM Data Solutions offer homebuyers some good news.
According to their Q3 2018 U.S. Home Sales Report, home prices only rose 1 percent in the third quarter and are now up 4.8 percent from last year. That’s the slowest price appreciation since 2016. The report found that price increases slowed in 74 of the 150 metro areas analyzed, including Chicago, Los Angeles, Dallas-Fort Worth, Houston, and Miami.
Despite the encouraging news, however, not all housing markets are cooling down. In fact, some metros continue to see double-digit gains year-over-year, while others are seeing as little as 3% or lower price gains. Housing markets differ vastly from metro to metro, so it’s best to research the area.