A Tale of Two Markets
A month or so ago, we opined that home prices would cease to appreciate at a double-digit rate. Perhaps we jumped the gun. Trulia reports average asking prices rose 1% in November compared with October. This helped lift the year-over-year rate to 12.1%.
But in our defense, Trulia reports that price appreciation is slowing in some markets, particularly in ones that experienced the greatest price growth. Among the 100 largest metropolitan markets, the quarterly price increase in the 10 metropolitan areas where prices rose more than 20% year over year fell to 3.7% in November from 6.1% in August. This is no surprise; the hottest markets are always the first cool (and vice versa).
The point we want to emphasis is that many local real estate markets have been hot over the past two years, so we should expect to see more cooling in more local markets. Three months from now, we wouldn't be surprised to see a cooling trend appearing in Trulia's data.
Courtesy of Jessica Regan.
Search all Harrisburg PA homes for sale.
When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.
When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.
As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.
If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.