Housing Needs to Cool Off…and it Probably Will

In the last 14 years a new buyer of homes has emerged. Since they have been investing for years, the strategy has been successful, but in recent years there has been an increase in the number of investors and as a result, they have been going to smaller markets where they have become a larger percent of the market. By contrast, prices are up a more modest 7.6% in the Midwest and are up just 7.2% and 6.1% in the Northeast and West, respectively.” He also says, “The South, where the median price of an existing single-family home was $326,900 in February, or 10% below the national average, has been the greatest beneficiary of these inflows.”

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