Home values are appreciating faster than experts expected, rising almost 5 percent over the past year, according to the April Zillow Real Estate Market Reports. There are 3.4 percent fewer homes for sale in the U.S. than there were 12 months ago.
Zillow forecasted home values would grow 2 percent from April 2015 to April 2016, and outside housing experts said they expect slower growth in coming years. However, Zillow’s latest data show a different trend with home values currently appreciating at 4.9 percent — almost 3 percentage points faster than Zillow predicted a year ago — to a Zillow Home Value Index of $187,000.
Shrinking inventory is the story of the summer home shopping season for those looking to buy a home and entry-level homes have been hit the hardest; the number of entry-level homes for sale is down almost 8 percent over the past 12 months. Stiff competition and high demand, in addition to low inventory, stronger wage growth and low mortgage rates, are driving up home prices across the country, especially for entry-level homes, which is forcing many want-to-be-homeowners into bidding wars.
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