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El Paso Texas and Southern New Mexico Real Estate
Is Home Price Appreciation Accelerating Again?
At the beginning of the year, industry forecasts called for home price appreciation to slow to about half of the double-digit increase we saw last year. The thinking was that inventory would increase from record-low levels and put an end to the bidding wars that have driven home prices up over the past twelve months. However, that increase in inventory has yet to materialize. The National Association of Realtors (NAR) reports that there are currently 410,000 fewer single-family homes available for sale than there were at this time last year.
This has forced those who made appreciation forecasts this past January to amend those projections. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, the National Association of Realtors, and Zelman & Associates have all adjusted their numbers upward after reviewing first quarter housing data. Here are their original forecasts and their newly updated projections:
Even with the increases, the updated projections still don’t reach the above 10% appreciation levels of 2020. However, a jump in the average projection from 5.3% to 7.7% after just one quarter is substantial. Demand will remain strong, so future appreciation will be determined by how quickly listing inventory makes its way to the market.
Bottom Line
Entering 2021, there was some speculation that we might see price appreciation slow dramatically this year. Today, experts believe that won’t be the case. Home values will remain strong throughout the year.
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- 2007 Year Built
- 79912 Zip Code
- 845778 MLS
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Magnificent 5BR, 3Bath home in Socorro, TX. Great location near N Loop/Horizon Blvd intersection.
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- 3,000 SqFt.
- 1974 Year Built
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- 1,400 SqFt.
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- 79928 Zip Code
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This better than new Carefree resale is is ready to be yours! Located in the Ventanas subdivision near parks, restaurants and shopping, this upgraded Carmel floor plan bo...
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Charming 2 story brick home located on the westside. This 4 bedroom home features large rooms, plenty of living room space, 2 car garage, backyard patio and balcony. The ...
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Welcome home to a beautiful and spacious three bedroom Palo Verde home sitting on a BIG corner lot! This home is newly built with landscaping done in both the front and b...
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This elegant 2-story home presents with gorgeous landscaping, interesting multiple rooflines, & a sweet front balcony enhanced by wrought iron balusters. The courtyard op...
- 5 Beds
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Designed to please, this great three bedroom three full bath home is just the right place you can raise your growing family. Functional space throughout is complemented b...
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- 844803 MLS
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>>>Pride of Ownership<<< Nestled in Mesquite Hills...Lovely Home Features - 4 bedrooms 2 1/2 baths - Updated Interior & Exterior Corner Lot - New Paint Throughout, New Ha...
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Beautiful three bedroom home in needs of repair. Excellent neighborhood, close to shopping, schools, I-10.
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Immaculate home located in a well established neighborhood with gorgeous mountain views. Walk into the bright and open living room with fireplace, dining room, kitchen a...
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None
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- 79928 Zip Code
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