Realtor.com® has completed it's annual housing forecast. The Phoenix, Arizona metro is expected to be number 1 in price growth among the top 100 metros in 2017.
The Realtor.com® 2017 top 10 housing markets based on price and sales gains
2. Los Angeles-Long Beach-Anaheim, Calif.;
3. Boston-Cambridge-Newton, Mass.-N.H.;
4. Sacramento–Roseville–Arden-Arcade, Calif.;
5. Riverside-San Bernardino-Ontario, Calif.;
6. Jacksonville, Fla.; 7. Orlando-Kissimmee-Sanford, Fla.;
8. Raleigh, N.C.;
9. Tucson, Ariz.; and
10. Portland-Vancouver-Hillsboro, Ore.-Wash.
Home sale price increases in Phoenix, Arizona metro expected to lead nation in 2017
Realtor.com® said in November 2016, "The 2017 housing market will be a year of slowing, yet moderate growth, set against the backdrop of a changing composition of home buyers and a post-election interest rate jump that could potentially price some first-timers out of the market, according to the realtor.com® 2017 housing forecast released today. The report also predicts the top five housing trends of 2017, as well as home prices and sales for the 100 largest metros in the U.S. 2017 National Housing Forecast. The 2017 national real estate market is predicted to slow compared to the last two years, across the majority of economic indicators. Home prices are anticipated to increase 3.9 percent and existing home sales are forecasted to increase 1.9 percent to 5.46 million homes. Interest rates are expected to reach 4.5 percent due to higher expectations for inflationary pressure in the year ahead.
Realtor.com® is forecasting the homeownership rate will stabilize at 63.5 percent after bottoming at 62.9 percent in 2016. New home sales are expected to grow 10 percent, while new home starts are expected to increase 3 percent.
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