According to CoreLogic’s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year.

CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change,

“The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home. The slackening in demand is reflected in the slowing of national appreciation, as illustrated in the CoreLogic Home Price Index.  

National appreciation in August was the slowest in nearly two years, and we expect appreciation to slow further in the coming year.”

One of the major factors that has driven prices to accelerate at a pace of between 6-7% over the past two years was the lack of inventory available for sale in many areas of the country. This made houses a prized commodity which forced many buyers into bidding wars and drove prices even higher.

According to the National Association of Realtors’ (NAR) latest Existing Home Sales Report, we are starting to see more inventory come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow.

Historically, prices appreciated at a rate of 3.7% (from 1987-1999). CoreLogic predicts that prices will continue to rise over the next year at a rate of 4.7%.

Bottom Line

As the housing market moves closer to a ‘normal market’ with more inventory for buyers to choose from, home prices will start to appreciate at a more ‘normal’ level, and that’s ok! If you are curious about home prices in your area, talk to a local real estate professional who can show you what’s going on!

Las Quesadillas-7531 Bandera Rd

If I could live here, I totally would. Their quesadillas are the bomb dot come! And super cheap! For only $1.99 you can be happily satisfied and for an additional $ 1.99 you can be happily full. 2 quesadillas are usually enough for me and I’ve got a hearty appetite. They’ve got some meat options and some veggie options so there sure to be something her for everyone even your pickiest eaters. Mushrooms, chicken tinga & beef tinga, chicharron prensado, flor de calabaza, and one of my all-time favorites, rajas poblanas. If you want to keep it simple you could also just get a straight-up cheese quesadilla. The cheese they use is so melty and flavorlicious. Haven’t tried the sopes or the breakfast tacos or their desserts yet, but they’re next on my list. Ask for some sour cream and some of that green salsa (not too much, its picas) and maybe some lettuce or onions from their salsa bar and you’ve got yourself a complete meal. They even have a drive-thru, come check them out! -JR-

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