Is Home Price Appreciation in Oklahoma Accelerating Again?

Is Home Price Appreciation Accelerating Again? | MyKCM

At the beginning of the year, industry forecasts called for home price appreciation to slow to about half of the double-digit increase we saw last year. The thinking was that inventory would increase from record-low levels and put an end to the bidding wars that have driven home prices up over the past twelve months. However, that increase in inventory has yet to materialize. The National Association of Realtors (NAR) reports that there are currently 410,000 fewer single-family homes available for sale than there were at this time last year.

This has forced those who made appreciation forecasts this past January to amend those projections. The Mortgage Bankers AssociationFannie MaeFreddie Mac, the National Association of Realtors, and Zelman & Associates have all adjusted their numbers upward after reviewing first quarter housing data. Here are their original forecasts and their newly updated projections:

Is Home Price Appreciation Accelerating Again? | MyKCM

Even with the increases, the updated projections still don’t reach the above 10% appreciation levels of 2020. However, a jump in the average projection from 5.3% to 7.7% after just one quarter is substantial. Demand will remain strong, so future appreciation will be determined by how quickly listing inventory makes its way to the market.

Bottom Line

Entering 2021, there was some speculation that we might see price appreciation slow dramatically this year. Today, experts believe that won’t be the case. Home values will remain strong throughout the year. If you are considering making a move South of 121st Street in Jenks  Oklahoma 74037, Bixby Oklahoma 74008, Glenpool Oklahoma 74033, Kiefer Oklahoma 74041, Mounds Oklahoma 74047, or Sapulpa Oklahoma 74066 reach out to me Sabrina Shaw, here at Homes by Sabrina, brokered by RE/MAX T-Town as we are always here to help.  918-637-7826

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