The following was originally published on TheStreet on December 8, 2016. You can read the original piece here.
Geography counts, too, as some areas will get hit harder by rising mortgage rates, and some areas will do better.
“Overall, the housing recovery is uneven – something many reports don’t show,” says Richard Murdocco, a real estate development expert based in the New York City metro area.
Murdocco says that home prices are climbing thanks to diminished housing supply and increasing buyer demand. “Thanks to limited opportunities for increases in housing inventory and continually rising mortgage rates, growth may slow down the road,” he states.
Each market is nuanced and unique, he adds. “In older suburban areas such as Long Island, the recovery in pricing is lethargic compared to other parts of the U.S., Murdocco notes. “In luxury markets like Greenwich, Conn., home pricing is dropping significantly – something the big picture numbers presented in the Black Knight Data study don’t capture.”