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HousingMarket Predicting
January 10th, 2020 3:49 PM

Property data firm CoreLogic predicts that housing prices will continue to rise, maybe as much as 5.6% by late summer or early fall, which is a jump from 3.5% from last year.


The chief economist for the real estate brokerage Redfin, Daryl Fairweather says that housing inventory is tight and that will drive competition and pricing for existing homes, especially for lower- to midrange-priced houses.


According to the National Association of Home Builders, housing starts and building permits are increasing and builder confidence is at a 20-month high. Increased construction can help alleviate the shortage of homes for sale. However, most construction is on higher-priced and luxury homes, so the housing market for the lower end will remain tight.


Millennials make up over 46% of mortgage originations, up from 43% last year, according to data from The challenge for many of these first-time buyers is low inventory and increased prices. The millennial generation is looking more for community, and experts predict they will move to the suburbs or outskirts of metropolitan areas. Many of the people in this generation work from home and don't need to live in the city where their job is, so living on the outskirts is more affordable for them, and they can safely raise their children.

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Posted by Eric Fang on January 10th, 2020 3:49 PMPost a Comment

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