U.S. Homes Appreciate at the Fastest Pace in More Than 2 Years
According to a recent report by Zillow, U.S. home values are up by 5.5 percent. This is the fastest pace of appreciation in more than two years with the median value at $189,400.
Even though there has been a steady drop in inventory, with 4 to 6 percent fewer homes for sale over the past several months, the big driver in home prices has been the increased demand. Sales have increased by high margins since 2011, despite the decreasing inventory.
This high demand has sparked “bidding wars” in many housing markets across the country causing only 46 percent of buyers to get their first home on which they make an offer and an average of 4.2 months of searching to find the perfect home.
Click here for more on Zillow’s report and the full story.