Home value growth has decelerated nationally, but certain areas in the Midwest and Northeast are witnessing remarkable double-digit increases. Decatur, IL, records a 12.4% annual growth, leading the nation. West Virginia hosts multiple regions with significant price rises. Factors driving this growth include affordability, persistent demand, and limited inventory. The lack of available homes has resulted in increased competition, driving prices higher. Areas known for affordability are attracting more homebuyers, while others have stable or declining prices due to ample supply.
"The variation in home price growth is largely driven by the availability of homes for sale. Markets that saw continued demand without corresponding rebounds in inventory saw the highest surge in prices."
"Affordable markets across the country continue to garner attention from home shoppers. Increased demand has driven up competition and pushed home prices higher in these markets while other well-supplied, higher-priced markets have seen home prices level off or even fall."
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