Today, Renae Stucki Realtor wanted to share with you a graphic we found on CNN’s Money site about the local forecast for St. George and Southern Utah.
As you can see, home prices increased dramatically in 2013 and they’ve slowed a bit in 2014. There’s still some growth happening but the prices will slow down in 2015 to a more stable level. This adjustment was all part of the period of self correction we predicted less then even 1 year ago. As the market finds it’s footing and regains value, the average home price would correct itself and gain a balance. We’re seeing it fall into place now.
That doesn’t mean homes won’t continue to appreciate. They will in fact continue to increase in value. But the huge increases will begin to smooth out to a more sustainable level of growth.
Take heart, home owners! You will continue to earn equity in your properties!