South Tampa Real Estate Market Report | 09/15/19 - 09/21/19
I looked back to August of 2018 for economists' predictions on what they thought the real estate market would look like today. Most economists predicted a moderation in price appreciation to somewhere below 7% annually and a rise in interest rates to the upper 4's and low 5's. They were correct regarding price appreciation. According to the S&P CoreLogic Case-Shiller National Home Price Index, national home prices grew 3.2% in the year ending in July.
Predictions on interest rates weren't so accurate. The average 30-year fixed rate is almost a point less than it was a year ago. These factors have lead to a more balanced and sustainable real estate market heading into Q4 of 2019. Have a great week!