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According to a Realtor.com housing forecast released Wednesday, both the Raleigh-Cary and Durham-Chapel Hill metros will have higher than average increases in home prices and home sales in 2017 – and they will rank among the top U.S. markets for housing growth.
The Realtor.com report ranks the Raleigh-Cary market at No. 8 in the country with a forecasted 4.16 percent increase in average home price and a 7.55 percent increase in home sales for 2017. Year-to-date in 2016, the average home price in Wake County is up 5.1 percent with home sales up 6.8 percent, according to Triangle Multiple Listing Service.
For the Durham-Chapel Hill metro, Realtor.com ranks the market at No. 11 in the country with a forecasted 2.55 percent increase in home price and an 8.95 percent increase in home sales for 2017. Year-to-date in 2016, the average home price in Durham County is up 8.7 percent with home sales up 11.6 percent, according to Triangle MLS.
Nationally, Realtor.com economists are forecasting that the U.S. market on average will see home prices increase 3.9 percent and home sales grow 1.9 percent in 2017.
Home mortgage interest rates are expected to reach 4.5 percent primarily due to higher expectations for inflationary pressure in the year ahead, the report shows.
“With more than 95 percent of first-time home buyers dependent on financing their home purchase, and a majority of first-time buyers reporting one or more financial challenges, the uptick we’ve already seen may price some first-timers out of the market,” stated Jonathan Smoke, chief economist for Realtor.com, in the report.
Among the top 10 growth markets, however, only two regions – Los Angeles and Tucson, Arizona – are not expected to decelerate and will show stronger housing price growth than the year prior.
By: Amanda Hoyle, Triangle Business Journal