Home Price News
CoreLogic published its national Home Price Index for August 2019 at the end of September, and reports indicate a year-over-year increase of 3.6% compared with August 2018. Month over month, prices increased 0.4% compared with July 2019. This 3.6% increase represents a marked slowdown from earlier in the year, especially in the lower end of the market. According to Frank Nothaft, CoreLogic’s Chief Economist, “Prices for the lowest-priced homes increased by 5.5%, compared with August 2018 when prices increased 8.4%. This moderation in home-price growth should be welcome news to entry-level buyers.” While we’ve seen a moderation in home-price growth, the news for current homeowners is still positive, as CoreLogic’s forecast indicates a continued rise in home prices at 5.8% on a year-over-year basis from August 2019 to August 2020.
What does this mean for homes in West Virginia’s Eastern Panhandle? CoreLogic has determined that market conditions in the DC-Metropolitan Area, which includes Jefferson County, are considered “overvalued.” However, neighboring Berkeley County’s housing market is considered at-value in communities such as Martinsburg, Inwood, and just over the border in Winchester, VA. As more Millennials enter the housing market, West Virginia’s Eastern Panhandle is proving to be a promising market for new homeowners.
West Virginia’s Business Leaders Exploring Economic Partnerships
In September, Governor Jim Justice met with Hungarian representatives and signed an economic cooperation document called a “Memorandum of Understanding.” The deal will bring Hungarian businesses to West Virginia and with them jobs, international interest, and opportunities for exciting new partnerships and trade. Hungarian representatives said they chose to do business in West Virginia because of the abundance of natural resources, as well as an affinity for the Hungarian immigrants to the state in decades past. Says Peter Szijjarto, the Hungarian Minister of Foreign Affairs and Trade, “We Hungarians had some contribution to the success of the industry here in West Virginia given the fact that some coal miners arrived here from Hungary. They took part in building up the industry here and we are proud of them.”
There is currently no defined timetable, but Hungarian officials indicated they would like to begin the economic partnership soon.
Fall Color Peak Weeks!
West Virginia is gorgeous. At no time during the year is that more obvious than fall, when the leaves begin to turn colors. Now is the perfect time to take a road trip around and take in the natural beauty of the season. The West Virginia Tourism Office released its fall foliage forecast – go to West Virginia Tourism Office’s Fall Info Page for all the details you need to plan the perfect trip. Be a tourist where you live!
40th Annual Mountain State Apple Harvest Festival
One of our favorite yearly celebrations, Martinsburg will host the Apple Harvest Festival on October 17-20, 2019. After a long summer of warm and dry, come enjoy one of Martinsburg’s most loved community celebrations. Activities include an apple pie baking contest, a Royal Gala, parade, pop-up shops, an art fair, a car show and more! Don’t miss out! See what this wonderful community has to offer. Get the details: MSAHF.
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