The August Market Action report is out. While the appreciation numbers still continue to look great at 16.4% over the last 12 months, the numbers may be misleading.
Appreciation over the previous 12 months as reported by RMLS:
January: Not reported
I’m not a math major but know enough that a bad month or two at the end of twelve months won’t yank the overall average down much. We see a whole percentage point drop between August and July which should serve as a warning.
The question is how strong of a warning? Would anybody really be upset if their property investment returned appreciation in the high single digits? Does anybody really expect THIS market to see continual depreciation of more than a month or two, if at all?