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2015-01-09 16:40:32
Housing market in 2015




First a review of 2014; The housing market did help the economy, but not as much as the Government had hoped for,  That trend may continue this year, as signs do not point to a breakout or a drop off, the Wall Street Journal reported.


While 2014 started off slowly, data showed that contracts to buy previously owned homes climbed to the third highest level of the past year, however, the housing market did not meet expectations as buyers complained about the quality of inventory, which contributed to a slowdown in demand.

Sales of pre-owned homes were about 4 percent lower through the first 11 months of 2014 than during the same time a year earlier. Sales rose through the middle of the year in 2014, from 4.59 million in March to 5.25 million in October. In November, home sales dropped to 4.93 million, a 6 percent decline. “The market overpriced itself; buyers are very price sensitive right now.

What’s going on? The confusing signals actually have a straightforward explanation: the housing market has been shifting out of rapid recovery and into a more stable phase that economists are calling the new normal.

I predict housing prices will rise between 3% and 4% in 2015 in areas that have had the greatest growth over the last two years, which is a modest growth rate, but a steady one that will give the housing market a sense of stability. (Areas that had not reached their price ceiling yet will increase at a greater pace)

With a stable housing market and If access to credit improves, and the continuation of various down payment assistance programs along with reduced FHA insurance fees, we could see a substantially larger number of 1st. time buyers get into the market.

Affordability should hold steady, based on slower home prices and steady mortgage interest rates. This along with increasing incomes will help the housing market next year.


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2015-01-09 16:40:32
Housing market in 2015

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2014 Housing Projection

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