Home Sales Predicted to Climb 3.5% in 2017

According to the National Association of Realtor's Midyear Housing Market Forecast, existing home sales are positioned to increase by 3.5 percent throughout the remainder of the year. Home prices also continue to escalate, rising 6.9 percent in the first quarter of 2017. According to the report this is attributed to a, "multi-year stretch of robust job gains" accompanied by, "improved household confidence." This increase also marks three consecutive quarters of growth within the housing market. 

Throughout the beginning of the first quarter, prospective buyers poured into the market causing a huge boost in sales, but later into the quarter new listings struggled to keep up with the high demand of buyers and listing prices suffered. Lawrence Yun, chief economist at NAR said,“Those able to successfully buy most likely had to outbid others—especially for those in the starter home market—which, in turn, quickened price growth to the fastest quarterly pace in almost two years.”

The Housing Market Exceeds Expectations 

Despite low inventory and high mortgage rates, the housing market continues to exceed expectations long after the presidential election. In fact, this first quarter was the best existing sales growth in exactly a decade. Also, keep in mind that with high demand and competitive supply, the median existing-home price is expected to rise. According to the Midyear report, the national median existing-home price will rise about 5 percent this year. So long as the surge in the labor force continues to strengthen household incomes, this buying trend is predicted to continue. 

The Time to Sell is Now! 

With exisiting-home sales operating at a decade high, now is the time to start thinking about putting your house on the market. I would love to help you list your home. Contact me today to get started and learn more about the South Orange County housing market.