The housing market is slowing down, with home values seeing the first negative monthly change in nearly four years
By Jeff Sorg, OnlineEd Blog
OnlineEd (August 21, 2015) – According to the Zillow® July Real Estate Market Reports, the housing market is slowing down, with home values seeing the first negative monthly change since the market began its recovery nearly four years ago.
The report indicates that national homes appreciated three percent on an annual basis, down from 3.4 percent in June.
- Homes lost 0.1 percent of their value in July, falling to a Zillow Home Value Indexof $179,900.
- Homes appreciated three percent on an annual basis, down from 3.4 percent in June.
- Of the 517 metros covered in the Zillow report, 204 saw a slowdown.
“This slight dip in home values is a sign of the times. Many people didn’t think it was happening, but it is: we’re going negative,” said Zillow Chief Economist Svenja Gudell. “We’ve been expecting to see a monthly decline as markets return to normal. However, this is not like the bubble bust. We’re not going to see 10 percent declines. The market is leveling off, and it’s good news, particularly for buyers, because it will ease some of the competitive pressure.”
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(PORTLAND, ORE.) —
Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center’s CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.