In the past year, buying a home has become significantly more expensive, and that trend is likely to continue well into 2017. Even house flippers have taken note, with the number of investors renovating and selling homes in the first nine months of 2016 reaching a peak not seen since before the housing market crash. Still, experts aren’t forecasting a similar housing price spike next year, much less a drop in demand. In its 2017 housing forecast, Realtor.com projected a slowdown in the growth of home prices, to 3.9 percent in the next year from 4.9 percent in 2016. Zillow’s Home Price Expectations Survey offered even lower estimates, with price growth of 3.6 percent next year, compared to 4.8 percent this year. The decline in price growth, if it materializes in 2017, will be a welcome relief for home buyers, as average home values toppled from a prerecession peak in September, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, a composite of single-family home prices. The index hit a score of 184.21 in February 2006 before dropping to 134.01 in February 2012, only to climb back to 185.06 as of October of this year.
- U.S. allocates $10.6M for housing for Long Island homeless
- 12/30: MetroIntelligence Economic Update by P. Duffy