What does the rest of the year hold for the housing market? Here's what experts have to say about what lies ahead.
HOME PRICES FORECAST TO APPRECIATE
Home prices are projected to rise by an average of 9.0% this year thanks to continued low housing supply and high buyer demand.
MORTGAGE RATES PROJECTED TO RISE
"Based on the current estimate for the peak Fed Funds rate (3.25% to 4.0%), the 30-year fixed mortgage will likely peak at between 5.0% and 5. 7%. There is some variability in the relationship, so we might see rates as high as the low 6% range ... "
~Bill McBride, Calculated Risk
HOME SALES PROJECTED TO BE STRONG
Home sales are expected to perform well this year as people continue moving to meet their changing needs.
WHAT DOES THE REST OF THE YEAR HOLD FOR THE HOUSING MARKET?
U.S. home prices continued to post significant year-over-year gains in March, up by 20.9%, another record high. Even with the past year’s streak of double-digit price increases, annual gains are projected to slow to around 6% by next March, due in part to rising mortgage rates and higher home prices hampering affordability for some home shoppers. Buyers who closed on a property in March had a good chance of locking in mortgage rates around 4% or slightly lower. By late April, rates had moved up to more than 5%, a jump of about 30% from the same time last year and a trend that might derail more prospective buyers.
Nationally, home prices increased 20.9% year over year in March. No states posted an annual decline in home prices. The cities that continue to experience price increases in March, with Phoenix leading the way at 30.4% year over year with Las Vegas at 27.4%.
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