More Equity Likely Coming to Home Owners

Spread this news: Home prices nationwide, including distressed sales, rose year over year by 7.1 percent in November 2016 compared to November 2015, CoreLogic’s Home Price Index shows.

Expect more price jumps ahead too, although at a more modest pace. Home prices likely will increase by 4.7 percent nationwide on a year-over-year basis from November 2016 to November 2017, according to CoreLogic’s forecasts. We believe our area will increase by over 6 percent.

Source: “Home Price Index Highlights: November 2016,” CoreLogic (Jan. 3, 2017)

Predictions Roll in: 2017 Housing Forecasts

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, etc!

NAR is predicting existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for this year. But other entities are even more bullish. MBA is predicting home sales to eclipse 6.5 million next year, while Fannie Mae and Freddie Mac are both predicting 6.2 million.

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.

Source: “Home Sales Expected to Increase Nicely in 2017,” Keeping Current Matters (Sept. 29, 2016) and “U.S. Housing Market Forecast – Strong 2017 to 2020,” GordinCollins.com (Sept. 24, 2016)