These are 2016’s hottest housing markets says Zillow
Denver, Seattle and Dallas-Fort Worth are set to be the hottest housing markets this year according to predictions from Zillow. Home appreciation, strong income growth and low unemployment rates are key factors in the outlook which expects price rises of 5 per cent for the Denver market, following a 16 per cent rise in 2015.
The ten hottest markets are:
- Denver, Colo.
- Seattle, Wash.
- Dallas-Fort Worth, Texas
- Richmond, Va.
- Boise, Idaho
- Ogden, Utah
- Salt Lake City, Utah
- Omaha, Neb.
- Sacramento, Calif.
- Portland, Ore.
Zillow Chief Economist Dr. Svenja Gudell commented: "As the job market continues to hum and opportunity becomes more widespread, the best housing markets are no longer limited to the coasts or one-industry tech towns. This year's hottest markets have something for everyone, whether they're looking for somewhere to raise a family or start their career."
Home sales expected to show strong growth for past year
The National Association of Realtors’ chief economist is expecting the final figures for 2015 to show sales of existing homes of 6.5 per cent nationally. Lawrence Yun says that the pace of 5.26 million is the strongest since 2006 and noted that the median price will be up around 6 per cent from 2014 at $221,200. For the year ahead he points out that housing shortages in some areas will lead to pent up demand but that higher mortgage rates and slower economic expansion may limit sales growth to 1 to 3 per cent in 2016 with prices increasing by 5 to 6 per cent.
Weather keeps the heat in Mass. during December
Massachusetts realtors benefitted from the unusually warm weather in December with sales of single-family homes up 34.2 per cent compared to December 2014 and median prices up 4.5 per cent to $345,000. Condo sales surged 30 per cent with a median price of $319,900, similar to prices a year earlier. Year-end pending sales for single-family homes saw a 10 per cent rise with average median prices up 3 per cent year-over-year; for condos there was a 7.9 per cent rise in pending sales and 2.8 per cent rise in average median price. The Massachusetts Association of Realtors’ index of realtors’ confidence in the market was 20 per cent higher in December compared to a year earlier.