A new report by CoreLogic revealed a perhaps surprising find to some. Higher priced homes gained in value the least, while the lowest priced tier of homes gained in value the most in their tracked period.
Some bullets from CoreLogic:
- National prices increased 4.7 percent year over year in December.
- Full year (average) 2018 appreciation was 5.8 percent.
- Home prices forecast to rise 4.6 percent from December 2018 to December 2019 and to average 3.4 percent for the full year 2019
Here’s the specific, and surprising to some, CoreLogic analysis of four individual home-price tiers that are calculated relative to the median national home sale price.
- Their lowest price tier increased 6.7 percent year over year,
- 5.5 percent for the low- to middle-price tier,
- 5 percent for the middle- to moderate-price tier, and
- 3.8 percent for the high-price tier.
CoreLogic’s Figure 1 shows the historical levels of the four price tiers indexed to January 2006, before each of the tiers hit its peak index value.
As with the overall CoreLogic Home Price Index (HPI®) Report (HPI – all price tiers combined), the price tiers show a slowing in appreciation ranging between 1 to 1.5 percentage points from the first half of 2018 to the second half of 2018.
The video below provides insights into some of the kinds of data that CoreLogic provides.
In a related report, CNBC reports that conventional housing sales have taken a bump, even while manufactured home sales have slid. Here are their bullets.
- Demand for housing is suddenly soaring again, thanks to a drop in mortgage rates that could be temporary.
- The share of homes with price cuts rose in January, according to Realtor.com, likely leading to the surge in buyers toward the end of the month.
- Housing affordability remains an obstacle, particularly at the entry level.
Each of these data points point to a hopeful, yet vexing reality. Manufactured housing ought to be doing much, much better. See the related reports, further below the byline and notices.
It’s opportunity in disguise. But it will require changes to tap those options. That’s “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)
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