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Homebuyers from Los Angeles, San Francisco, Seattle, Washington D.C., and other areas, which were hot markets, have now a better chance of purchasing their own home than a year ago.
According to Zillow’s Real Estate Market Reports, home value appreciation has cool off for the third quarter of this. Plus, there have been more inventories in the market with more sellers reducing their list prices. Although home values continue to rise, the increase has been value.
Nationally, there were 18.6 percent more homes in the market last year. The annual home value appreciation reached its highest in April at 8 percent and since then has gradually declined. From September 2013 to 2014, national home values increased to 6.5 percent to a media of $176,500.
According to Zillow’s Chief Economist Stan Humphries, the gradual decrease is already a sign that the market is going back to normal and proves that there is no housing bubble. “We always knew these market conditions couldn’t last, and it’s good to see us now on a more natural and sustained glide path down toward more normal market conditions,” Humphries said.