Does Fannie Mae's prediction of a national home price bottom in 2013 affect us in Harrisonburg, Rockingham County?


Does Fannie Mae's prediction of a national home price bottom in 2013 affect us in Harrisonburg, Rockingham County?
By Scott Rogers • June 20, 2012
Home prices seem to be starting to increase again in Harrisonburg and Rockingham County (read more here) so what impact (or relevance) does this new report from Fannie Mae have on our local market? "Doug Duncan, chief economist for Fannie Mae, released a report saying growth for all of 2012 is expected to come in at roughly 2.2%." Maybe so, though locally, home sales are up 7% thus far in 2012. (read more here) "And before Americans finish off the year, they will continue dealing with a reduction in hiring, potential issues stemming from the fiscal crisis in Europe and a potential drag on the U.S. economy during the remainder of the year." We have remarkably low unemployment rates locally, that are still declining. (read more here) Thus, any declines in national hiring seem unlikely to significantly affect us locally. And issues in Europe and with the general U.S. economy might peripherally affect us here locally, but our local economy has managed to remain relatively stable throughout the past five years despite significant negative impacts in many other parts of the country. "Main measures of home prices have firmed in recent months, as the share of distressed sales has declined in a strong seasonal period," he explained. "Despite this recent encouraging trend, the (research) group continues to expect that home prices on a national basis will show a slight additional decline before bottoming in the beginning of next year." I am guessing that we will not see an additional decline in home prices in 2012 and 2013 (as predicted above) for Harrisonburg and Rockingham County. I believe the 2012 median home price will be relatively similar to 2011 (+/- 1%). National housing market and economic news is important to monitor, but it is important to keep it in context and to pay even more attention to what is happening locally. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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