As you can see, in mid 2008, prices completed their crescendo and began a steady decline that ended in March 2012. Prices have consistently trended upwards ever since.
Let's take a look at the numbers on a year over year basis to see what our trend looks like:
The area to focus on here is the 0% line. Any time the trend is below that, house prices decreased from the same month a year prior. We have spent most of the past 3 years in negative territory which coincides with the top chart showing a consistent trend downward...until recently. We have been in positive territory since the first quarter of this year.
House prices may not be what they were in 2007; but, the shift in appreciation will help the market heal as improved values and mortgage amortization combine to return equity to homeowners.
If you want to know what your home is worth, CONTACT ME and let's do a market analysis to determine your home's value in today's market.
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