By Cheryl Reid-Simons
Hudson home values bucked the national trend in the most recent analysis by Zillow Real Estate Market Reports, rising 0.3 percent for the month of October.
Nationally, home values dropped for the second month in a row in October, the first consecutive downturn in two years.
“The conditions that led to the robust appreciation experienced earlier this year … are waning,” Zillow Chief Economist Stan Humphries said. Rising mortgage rates and increasing inventory are creeping in and leading to normalization in the market, he said.
Hudson saw continued rise in home values, in part, because it hasn’t experienced the same super-heated annual rise of 6 to 7 percent that the nation as a whole has enjoyed.
Hudson’s values are up 5.2 percent year over year according to the most recent figures. Of course, having slow growth is no guarantee that it will continue. Other factors certainly contribute to the housing market’s direction. Winston-Salem, N.C., which saw just 1.1 percent annual increase in values still managed to see a monthly decline of 0.6 percent for October.
Real estate agent Jeff Hunt said inventory in Hudson remains low.
“We’re seeing an uptick in our market because of a shortage of inventory,” he said. “If something comes on the market, buyers are tempted to pay more for it because there just aren’t a lot of homes on the market.”
As a consequence, some sales have been slowed because mortgage appraisals aren’t coming in high enough to match the sales price.
Because Hudson remains a highly desirable place to live, Hunt said even if values do dip slightly with the thermometer this winter, it’s going to remain a healthy market.
“It’s very popular with corporate executives in part because it has a great school system,” Hunt said.