The economists at CoreLogic recently released a special report entitled, Evaluating the Housing Market Since the Great Recession. The report looked at economic recovery since the Great Recession of December 2007 through June 2009.
Home price appreciation was one of the report’s key indicators of housing market health. CoreLogic focused on home price appreciation over the five years from December 2012 to December 2017.
Frank Nothaft, Chief Economist at CoreLogic, commented on the importance of breaking out the data by state,
“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011. After finally reaching bottom in 2011, home prices began a slow rise back to where we are now.
Greater demand and lower supply – as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels.”
The map below was created to show the 5-year appreciation from December 2012 – December 2017 by state.
Nationally, cumulative appreciation over the five-year period was 37.4%. Nevada was highest with 66%. Connecticut was lowest with 5%.
Where were prices expected to go?
Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists. They give their projections of residential home price appreciation over the next five years for their Home Price Expectation Survey (HPES).
According to the December 2012 survey results, national homes prices were projected to increase cumulatively by 23.1% by December 2017. The bulls of the group predicted home prices to rise by 33.6%. The more cautious bears predicted an appreciation of 11.2%.
Where are prices headed in the next 5 years?
Data from the most recent HPES shows that home prices are expected to increase by 18.2% over the next 5 years. The bulls of the group predict home prices to rise by 27.4%, while the more cautious bears predict an appreciation of 8.3%.
Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even higher than before the Great Recession. Wondering if you have enough equity to sell your house and move on to your dream home? Let’s get together to discuss conditions in your neighborhood!