Posts with tag 'home price appreciation'
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4
U.S. Home Prices Rise 4.5% Over The Prior Year
The Federal Housing Finance Agency published the 2024 Q4 Housing Price Index report, and national data show home prices rose 4.5 percent between the fourth quarter of 2023 and the fourth quarter of 2024. House prices were up 1.4 percent compared to the third quarter of 2024. FHFA's seasonally adjusted monthly index for December was up 0.4 percent from November. Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012. The five-year home appreciation in our region was between 39.04% and 43.67%, with all of our regional Metropolitan Statistical Areas experiencing positive gains.
In the past year, home prices in our markets have increased: 3.04% in Cedar Rapids and 4.87% in the Quad Cities. This compares to other cities: Des Moines, 4.10%, and Chicago, 6.77%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less.
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | Percent Change in House Prices | Percent Change in House Prices |
| 1 Year | 5 Years | 4th Quarter 2024 | |
| Cedar Rapids, IA | 3.04% | 39.04% | -0.20% |
| Davenport - Moline - Rock Island, IA-IL | 4.87% | 39.11% | -0.86% |
| Des Moines - West Des Moines, IA | 4.10% | 43.67% | -0.70% |
| Waterloo - Cedar Ralls, IA | 4.92% | 40.74% | -0.18% |
| Regional Average | 4.23% | 40.64% | -0.49% |
| USA | 4.51% | 57.13% | +1.43% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the fourth quarter of 2024. FHFA stats always run one-quarter behind. Their full report is available at www.fhfa.gov.
"U.S. house prices grew at a slightly higher rate in the fourth quarter after three straight previous quarters of weaker appreciation," said Dr. Anju Vajja, Deputy Director for FHFA's Division of Research and Statistics. "The price growth accelerated during the quarter as the inventory of homes for sale tightened even further."
"Home price appreciation across our region remained positive on an annual basis in 2024, even though values softened by about 0.5% in the fourth quarter. The reported year-over-year gains, ranging from just over 3% to nearly 5% across our region, reflect the ongoing impact of strong demand and limited supply. While short-term adjustments are normal, the long-term trend remains healthy, with nearly 40% appreciation over the past five years. This sustained growth continues to reinforce the value of homeownership as a sound long-term investment. With interest rates easing and affordability improving, we're optimistic we'll see continued stability and a very active spring market," said Chris Beason, President of Ruhl&Ruhl Realtors.
Wondering how appreciation has affected your home? Contact your Ruhl&Ruhl Realtor to receive your free market analysis! Or contact us at 1.866.441.1776 or customerservice@ruhlhomes.com to be put in touch with a local, trusted expert!
6
Slower but Steady Growth in Housing Market in 2019
Home prices will continue to appreciate and home sales will grow in 2019, slowly but steadily. Across the region in 2018, sales volume was up 1% and the average sales price was up 3%. There was considerable variation from market to market, which can be seen on our Regional Activity Chart below. Ruhl&Ruhl Realtors sales volume was up 3.7% to $917,973,157 and our average sales price was up 3%. Click here to read more about Ruhl&RuhlRealtors' Best Year Ever. Lack of affordable inventory slowed sales in 2018. Thankfully, our months of inventory is now higher in most of our markets, which translates to a more balanced housing market instead of a seller's market.
18
Home Appreciation is Strong and Stable in our Region
Five-year home appreciation in our region was between 10.36% and 15.26% with all of our regional Metropolitan Statistical Areas experiencing a positive gain. "Home prices continue to rise across the U.S. but there are signs of tapering," said Dr. William Doerner, Senior Economist. "Since housing markets began to rebound in 2012, house price appreciation has been positive because demand has outpaced supply. In the last month, however, some regions reflect a slowing or even flattening of house price growth." In the past year, home prices are up: 5.14% in Dubuque; 3.11% in Iowa City; 1.89% in the Quad Cities and 3.26% in Cedar Rapids. This compares to other cities: Des Moines, IA up 4.61% and Chicago, IL up 4.50%. This data is provided by the FHFA for the first quarter of 2018 (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.
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | |
| 1 Year | 5 Year | |
| Cedar Rapids, IA | + 3.26% | + 10.36% |
| Davenport-Moline-Rock Island, IA-IL | + 1.89% | + 10.41% |
| Des Moines-West Des Moines, IA | + 4.61% | + 21.73% |
| Dubuque, IA | + 5.14% | + 12.38% |
| Iowa City, IA | + 3.11% | + 15.26% |
| USA | + 6.89% | + 34.25 |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the first quarter of 2018. 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.
"Years of low inventory and pent up buyer demand have resulted in a Seller's Market in the affordable price ranges across many of our local areas," said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. "We are unsure of how long this trend will continue, especially given the trends with mortgage rates. We urge people who are on the fence about selling their home to contact your local real estate professional for a free market analysis." Wondering how appreciation has affected your home? Contact your Ruhl&Ruhl Realtor to receive your free market analysis! Or contact us at 1.866.441.1776 or customerservice@ruhlhomes.com to be put in touch with a local, trusted expert!
