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4 Predictions for the U.S. Housing Market in 2017

4 Predictions for the U.S. Housing Market in 2017

As another strong year for the housing market has come to an end and the calendar turned over to 2017, it is time to examine the housing outlook and expectations for the New Year. We can expect a hot year for home sales in 2017, according to recent forecasts from the National Association of REALTORS®, the Mortgage Bankers' Association, Freddie Mac and Fannie Mae, and more.

Tight Inventory Conditions Continue
Recent data from NAR show that the supply of existing homes for sale is insufficient and new home construction is not meeting demand. More buyers are competing for a fewer number of affordable homes than a year ago, which will likely continue in 2017.

Increasing Home Prices
With demand rising and listings scarce in many markets, NAR forecasts home prices will increase nationally about 4 percent in 2017. In cities with the tightest of supply, prices could expand above double digits.

Generation Y
A huge wave of Generation Yers, who have delayed home buying, are emerging into their key buying years. They are predicted to keep home sales and condo sales strong well into 2020, according to economists. In fact, the average age of first time home buyers is 32.

The U.S. Housing Market is moving into "Buy Territory"
"Housing prices, in general, continue to slow and when considered in light of the recent trends in the Buy vs. Rent Index signal that ownership remains an excellent investment for the majority of Americans," says Ken Johnson, a real estate economist and an author of the index, the Beracha, Hardin & Johnson Buy vs. Rent Index.

Whether you're a first-time or repeat buyer, a local Berkshire Hathaway HomeServices California Realty Realtor can help you navigate the complexities of the current housing market, including providing you with more information about prices and demand in your area.

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