Posts in category 'Market Updates'

The new year has arrived, and you may be thinking if 2024 is the best time to purchase or sell a property. If you want to make the best selection possible, you should know what the experts think about the property market's outlook. Note that the projections may be more accurate than you expect. Here's why.

Experts Forecast Ongoing Home Price Appreciation

Take a look at the latest home price forecasts from Fannie Mae, the

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Each quarter the Federal Housing Finance Agency (FHFA) releases home appreciation data that reflect changes to our regional markets or Metropolitan Statistical Areas (MSAs).  The third quarter data shows percent changes in the last year and over a 5-year range. In the past year, home prices in our area have increased: +0.45% in Dubuque; -0.66% in Iowa City; +0.34% in Cedar Rapids; and -1.06% in the Quad Cities. This compares to other cities: Des Moines +1.34% and Chicago +0.84%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less.   "House prices were flat for the third quarter but continued to remain above levels from a year ago," said William Doerner, Ph.D., Supervisory Economist in FHFA's Division of Research and Statistics. "The rate of U.S. house price growth has substantially decelerated. This deceleration is widespread with about one-third of all states and metropolitan statistical areas registering annual growth below 10 percent."  

Information courtesy of the Federal Housing Finance Agency (FHFA) for the third quarter of 2022. FHFA stats always run one-quarter behind. Their full report is available at www.fhfa.gov.   The National Association of Realtors also shared their 2022 summary and 2023-2024 housing market forecast all predicting a positive home price and dollar volume gain by end of 2024. In 2022 Ruhl&Ruhl markets performed better than many national markets with a +9% home price game and +0.4% dollar volume increase over the national -5%.

Analyzing The Data

For sellers, the market has changed where homes will stay active longer, as affordability may be a concern for some home buyers, but much more in line with days on market (DoM) numbers we have seen in previous years. Median home prices are expected to advance 5.4% nationally, meaning significate equity opportunities can still be had with the sale of your home.  Buyers will have more options than they did previously as housing inventory is expected to increase by 22.8% nationally. It's a good idea to be in constant communication with your real estate agent and mortgage lender to stay informed on changing market conditions and trends. Because although it's true that mortgage rates are higher than they were last year, the mindset of, " date the rate and marry the home," can be helpful for buyers to remember as the opportunity to refinance when rates are lower can be a consideration later down the road.  It's important to note that housing market predictions and forecasts are helpful resources for homebuyers and sellers, but it's best to contact your real estate agent and loan officer for local, real-time data to have the most accurate outlook on what is going on in your area. Real estate tends to move fast and information that is relevant today can change. Your real estate agent can provide you with a home valuation, real estate review, market reports, and reputable recommendations to help you along.

The residential real estate sales volume in the Quad Cities reached its highest mid-year level ever through June of this year. Combined sales in the Iowa and Illinois Quad Cities were up 3.5% over last year. This increase was reflective of 4.1% fewer actual properties sold, but an 8% increase in average sales price from $169,800 to $183,400.

● Iowa Quad Cities: the highest number of sales in 15 years, since 2004. Compared to the 1st half of 2018, sales volume was up 12%. Listing inventory is up 3% and there are 2.8 months of inventory - a seller's market. The average sales price is $222,600.

● Illinois Quad Cities: 5-year low in the number of sales. Sales volume is below mid-year 2017 and 2018. There were 6% more properties for sale and 4.8 months of inventory - a market balanced between buyers and sellers. The average sales price is $130,100.

Low Interest Rates Ignite Home Sales - Great Time to Refinance

With interest rates at their lowest leve...

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Five-year home appreciation in our region was between 8.13% and 14.74% with all of our regional Metropolitan Statistical Areas experiencing a positive gain.

"U.S. house prices rose in nearly every state during the second quarter," said FHFA senior economist William Doerner. "The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years."

In the past year, home prices are up: 3.64% in Dubuque; 2.83% in Iowa City; 3.64% in the Quad Cities and 2.78% in Cedar Rapids. This compares to other cities: Des Moines up  5.24% and Chicago, IL up 5.34%. This data is provided by the FHFA for the second quarter of 2017 (see chart and website below).  Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more.

Information courtesy of the Federal Housing Finance Agency (FHFA) for the second quarter of 2017. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.

"Tight inventory continues in the affordable price ranges to be the story of our local markets," said Caroline Ruhl, President of Ruhl&Ruhl Realtors, "Tight inventory means there are fewer homes for sale than we normally see in comparison to the number of buyers looking.  Although it varies by price range and neighborhood, we are still seeing a strong seller's market in many areas of our region.  Even if you are considering selling in the next year, now is a good time to start the process and to get a free market analysis from a Ruhl&Ruhl Realtor."