So What's In The Crystal Ball For 2016 Home Prices?

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Real Estate Agent with Allison James Elite CA. BRE 01501699

Chris B Johnson, REALTOR®, SFR®, CDPE®, CHS®                What Is My Home Worth?

 According to the NAR, the  national median existing-home  price for all of 2015 will be close  to $221,200, up around 6 percent  from 2014. In 2016, existing sales  are expected to grow between 1  and 2 percent (5.30 to 5.40  million) and prices should  increase between 5 and 6  percent.

"This year the housing market may only squeak out 1 to 3 percent growth in sales because of slower economic expansion and rising mortgage rates," Yun says. He adds that home prices will continue to rise in the wake of a new housing shortages in many markets. This, he says, is “because of the cumulative effect of homebuilders under producing for multiple years.

Once the spring buying season begins, we'll begin to feel that again." All of 2015’s sales numbers are not yet in. Yun is still waiting to see how December sales fared, but according to his video, he expects existing-homes sales to finish the year up 6.5 percent from 2014. That’s a pace of around 5.26 million, which is the highest set of numbers since 2006. It remains, however, roughly 25 percent below the 7.08 million peak set in 2005.

In NAR-published video, Yun says that rising mortgage rates, shaky global economic conditions, and the fact that home prices still outpace wages will likely hold back a stronger pace of sales.

Chris B Johnson, REALTOR® Neighborhood Market Report  Mortgage Pre Approval  Time To Buy A Home

 

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