For the first time in almost four years, the U.S housing values have dropped. According to a previous report by propertywire.com, "The housing market in the United States is slowing down, with home values falling month on month for the first time." Data provided by crerc.landecon.cam.ac.uk showed that "Prices fell 0.1 percent in July compared to the previous month and year on year growth was 3 percent, down from 3.4 percent in June."
Is the slowing down of the housing value a good sign of progress? According to an earlier report by propertywire.com, "Slowing appreciation is a sign that the market is returning to normal and economists have expected to see a growth flattening out as the recovery continues."
Cities that have strong and stable markets such as Denver, Dallas, San Jose and San Francisco, which had double digit annual home value growth in July, saw their monthly appreciation rates as compared with June as further reported by propertywire.com. Decelerating home values may well offer more chances for expectant purchasers who have been waiting for the market to level off. More homes may be coming online as home owners who have been watching the strong home value growth decide to list their houses as appreciation slows and smaller gains are expected, conforming to an earlier report by propertywire.com.
Although the home value is declining, it will promote ease in regards to the competitive pressure in the real estate industry. Based on the date provided by propertywire.com, "Of the 517 metros covered by the index, 204 saw a slowdown, including major metros like Washington, DC and Cincinnati." In the meantime, the residential rents carry on rising at a rapid pace. There is a growth of 4.2 percent from last July to $1,376 as reported by propertywire.com. With no indication of rents reducing, the probability for more homes for sale, the circumstances may be fitting for buyers to enter the market now than later.
