{"id":1516,"date":"2021-03-02T14:59:53","date_gmt":"2021-03-02T14:59:53","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1516"},"modified":"2021-03-02T14:59:53","modified_gmt":"2021-03-02T14:59:53","slug":"home-prices-happened-2020-will-happen-year","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/home-prices-happened-2020-will-happen-year\/","title":{"rendered":"Home Prices: What Happened in 2020? What Will Happen This Year?"},"content":{"rendered":"<div id=\"attachment_1517\" style=\"width: 760px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-1517\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-1517\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/03\/20210302-KCM-Share.jpg\" alt=\"\" width=\"750\" height=\"410\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/03\/20210302-KCM-Share.jpg 750w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/03\/20210302-KCM-Share-300x164.jpg 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><p id=\"caption-attachment-1517\" class=\"wp-caption-text\">Home Prices: What Happened in 2020? What Will Happen This Year?<\/p><\/div>\n<p>The real estate market was on fire during the second half of 2020. Buyer demand was way up, and the supply of homes available for sale hit record lows. The price of anything is determined by the supply and demand ratio, so home prices skyrocketed last year. Dr. Lynn Fisher,\u00a0<em>Deputy Director<\/em>\u00a0of the\u00a0<em>Federal Housing Finance Agency<\/em>\u00a0(FHFA)\u00a0<em>Division of Research and Statistics<\/em>,\u00a0<a title=\"explains\" href=\"https:\/\/www.fhfa.gov\/AboutUs\/Reports\/Pages\/US-House-Price-Index-Report-2020-Q4.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">explains<\/a>:<\/p>\n<blockquote><p><em>\u201cHouse prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA Home Price Index. Low mortgage rates, pent up demand from homebuyers, and a limited housing supply propelled every region of the country to experience faster growth in 2020 compared to a year ago despite the pandemic.\u201d<\/em><\/p><\/blockquote>\n<p>Here are the year-end home price appreciation numbers from the FHFA and two other prominent pricing indexes:<\/p>\n<ul>\n<li><em>Federal Housing Finance Agency<\/em>\u00a0<a title=\"House Price Index Report\" href=\"https:\/\/www.fhfa.gov\/AboutUs\/Reports\/Pages\/US-House-Price-Index-Report-2020-Q4.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">House Price Index Report<\/a>: 10.8%<\/li>\n<li><em>CoreLogic<\/em>\u00a0<a title=\"Home Price Insights\" href=\"https:\/\/www.corelogic.com\/insights-download\/home-price-index.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Home Price Insights<\/a>: 9.2%<\/li>\n<li><em>S&amp;P Case-Shiller<\/em>\u00a0<a title=\"U.S. National Home Price Index\" href=\"https:\/\/www.spglobal.com\/spdji\/en\/documents\/indexnews\/announcements\/20210223-1321360\/1321360_cshomeprice-release-0223.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">U.S. National Home Price Index<\/a>: 10.4%<\/li>\n<\/ul>\n<p>The past year was truly a remarkable time for homeowners as prices appreciated substantially. Lawrence Yun,\u00a0<em>Senior Economist<\/em>\u00a0at the\u00a0<em>National Association of Realtors\u00a0<\/em>(NAR),\u00a0<a title=\"reveals\" href=\"https:\/\/www.thedenverchannel.com\/news\/national\/soaring-housing-prices-during-pandemic-may-point-to-split-economic-recovery\" target=\"_blank\" rel=\"noopener noreferrer\">reveals<\/a>:<\/p>\n<blockquote><p><em>\u201cA typical homeowner in 2020, just by being a homeowner, would have\u00a0<strong>accumulated around $24,000 in housing wealth<\/strong>.\u201d<\/em><\/p><\/blockquote>\n<h4><strong>What will happen with home prices this year?<\/strong><\/h4>\n<p>Many experts believe buyer demand will soften somewhat as mortgage rates are poised to\u00a0<a title=\"bump up\" href=\"https:\/\/www.mykcm.com\/2021\/02\/23\/the-reason-mortgage-rates-are-projected-to-increase-and-what-it-means-for-you\/\">bump up<\/a>\u00a0slightly. Some also believe the inventory challenge will ease as\u00a0<a title=\"more listings\" href=\"https:\/\/www.mykcm.com\/2021\/02\/25\/are-there-going-to-be-more-homes-to-buy-this-year\/\">more listings<\/a>\u00a0come to market this year.<\/p>\n<p>Based on this, most forecasters anticipate we\u2019ll see strong appreciation in 2021 \u2013\u00a0<em>but not as strong as last year<\/em>. Here are seven prominent groups and their projections:<\/p>\n<div id=\"attachment_1518\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-1518\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-1518\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/03\/kcm-infographic-1614696224.png\" alt=\"\" width=\"1000\" height=\"683\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/03\/kcm-infographic-1614696224.png 1000w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/03\/kcm-infographic-1614696224-300x205.png 300w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/03\/kcm-infographic-1614696224-768x525.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><p id=\"caption-attachment-1518\" class=\"wp-caption-text\">2021 Home Price Forecast<\/p><\/div>\n<article id=\"post-97385\" class=\"post-97385 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-housing-market-updates category-move-up-buyers-buyers category-pricing\">\n<div class=\"entry-wrap\">\n<div class=\"entry-content content\">\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>Home price appreciation will be strong this year, but it won\u2019t reach the historic levels of 2020. Let\u2019s connect if you\u2019d like to find out what your house is currently worth in our local market.<\/p>\n<\/div>\n<\/div>\n<\/article>\n<p><strong>Contact us:<\/strong><br \/>\nPHP Houses<br \/>\n142 W Lakeview Ave<br \/>\nUnit 1030<br \/>\nLake Mary, FL 32746<br \/>\nPh:\u00a0<span id=\"gc-number-1\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 519-0719<\/span><br \/>\nFax:\u00a0<span id=\"gc-number-2\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 205-1951<\/span><br \/>\nemail:\u00a0info@phphouses.com<\/p>\n<p><strong>Let\u2019s Connect:<\/strong><br \/>\n<a href=\"https:\/\/www.facebook.com\/WeBuyHousesCentralFlorida\/\">Facebook<\/a><br \/>\n<a href=\"https:\/\/www.linkedin.com\/in\/walter-diloreto-25403710\/\">Linkedin<\/a><br \/>\n<a href=\"https:\/\/twitter.com\/WalterDiLoreto\">Twitter<\/a><br \/>\n<a href=\"https:\/\/www.instagram.com\/wdiloreto\/\">Instagram<\/a><\/p>\n<h6><em>THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The real estate market was on fire during the second half of 2020. <a class=\"continue\" href=\"https:\/\/phphouses.com\/blog\/home-prices-happened-2020-will-happen-year\/\">Finish Reading<span> Home Prices: What Happened in 2020? What Will Happen This Year?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[18,130,183,158,138,52,83,25,49,40,63,105,256,20,12,48,13,28,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1516"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1516"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1516\/revisions"}],"predecessor-version":[{"id":1519,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1516\/revisions\/1519"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}