What does the future hold for the 2017 housing market?

One thing is for sure, says experts, the housing market is set to HEAT UP!

 

 

PRICES ARE ALMOST AT PRE-RECESSION HIGHS

Nationally speaking, the market is expected to normalize with healthy sales and moderate price growth.1 However, some expects predict modest price declines because wages aren't keeping up with the home prices.

The median home price has increased 43% from 2010, while wages have only increased 5%.2 

 

HOME SALES ARE EXPECTED TO INCREASE

Existing home sales are up from 5.8 million in 2016, expected to reach 6 million.3 

Projections for total single family home sales for 20174

  • National Association of Realtors 6 million
  • Frannie Mae 6.2 million
  • Freddie Mac 6.2 million
  • Mortgage Bankers Association 6.5 million

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MAKE WAY FOR FIRST-TIME BUYERS

Millennials are expected to strengthen home and condo sales into 2020.3

Sales by first-time buyers reached a four-year high in September at 34%.3

 

HOUSING APPRECIATION IS UP

Most markets report an increase in home appreciation, with the increases hitting near 10% in the hottest markets, which have growing populations and tight supply.5

Top 3 Markets for Home Appreciation6

  • ​Seattle, WA (up 11.2%)
  • Portland, OR (up 11.1%)
  • Denver, CO (up 9.9%)

 

RENT WILL KEEP GETTING HIGHER

Rental affordability is one of the biggest factors for first-time buyers deciding to buy.1

 

THE HOUSING MARKET IN 2017 IS EXPECTED TO BE FUELED BY HIGH DEMAND FOR NEW CONSTRUCTION. 

 

To download this PDF, click here!

 

 

Sources:

  1. 1. The Mortgage Reports
  2. 2. Dun & Bradstreet
  3. 3. NAR
  4. 4. Keeping Matters Current
  5. 5. REALTOR Magazine
  6. 6. BusinessWire

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