According to the first-quarter Zillow Real Estate Market Reports, rising values for entry-level homes may dash the hopes of would-be first-time homebuyers during the traditional spring buying season.
The cost of entry-level homes, those in the bottom third of the market, are rising the fastest among the largest markets in the U. S., as nationalmortgagenews tells MHProNews.
The median value of entry-level homes in Denver rose the most, 20 percent over the last year, while inventory level fell 13 percent. Portland, OR and Dallas experienced the next largest gains in value, but Portland saw the inventory of entry-level homes fall 40 percent over last year.
“It’s going to be a tough home-buying market this spring, especially for first-time buyers or even people looking to move up into a slightly more expensive home,” Zillow chief economist Svenja Gudell said in a news release Friday.
Meanwhile, homes in the top tier are undergoing price cuts more frequently, increasing 1.6 percent from last year. ##
(Image credit: fotosearch)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.