Fresno’s northern neighbor – Sacramento – is expected to be one of the nation’s hottest housing markets in 2017.
The fourth hottest, in fact, based on price and sales gains. The Phoenix area tops the list followed by Los Angeles and Boston, according to Realtor.com’s 2017 National Housing Forecast released Wednesday. The top 10 markets are forecast to see average home price gains of 5.8 percent and sales growth of 6.3 percent next year, the industry’s leading website said.
Where does that leave Fresno?
We made it into the top 100 coming in at No. 43, not far behind San Francisco and Bakersfield at No. 37 and No. 35, respectively. So, we’re still hot, just not on fire like Sacramento.
Change is expected in the housing market next year with a slowdown in home price and sales growth, the dreaded increase in interest rates potentially shutting out first-time homebuyers and changing buyer demographics, Realtor.com’s forecast said.
What can you expect?
▪ More millennials and babyboomers making up the buyer market.
▪ Midwestern cities being the hot spot for millennial homebuyers .
▪ Home prices expected to increase nationally by only 3.9 percent, home sales by 1.9 percent.
▪ Housing supply will remain low.
▪ Interest rates expected to hit 4.5 percent.
To read the report or for more information, visit news.move.com.