Inventory is still historically very. With nearly no available land to construct new homes I expect that prices will continue trending up.
Markets Poised for Biggest Price Gains | Realtor Magazine:
Markets Poised for Biggest Price Gains
Veros Real Estate Solutions is softening its housing price forecast for this year to 3.4 percent appreciation for the 12-month period ending March 31, 2015 for the top 100 metro areas. Last quarter, Veros had forecasted a 5.1 percent for the following 12 months.
“The wave of appreciation may have crested, but it has been an impressive recovery in many respects,” says Eric Fox, Veros’ vice president of statistical and economic modeling. “The market is stabilizing and the overall outlook is very positive. However, we won’t see the rapid gains we have experienced in prior quarters. Those days appear to be behind us for the foreseeable future.”
Still, Veros sees five markets—mostly centered in California—seeing home price appreciation well above national averages. The five markets Veros is betting on for the highest home appreciation over the next 12 months are:
- San Jose-Sunnyvale-Santa Clara, Calif.: +9.7% forecasted price appreciation
- Los Angeles-Long Beach-Santa Ana, Calif.: +9.3%
- Midland, Texas: +9.3%
- Bismarck, N.D.: +9.1%
- San Francisco-Oakland-Fremont, Calif.: +8.8%
Source: “These Cities Will Be the Strongest & Weakest Housing Markets in 2014,” HousingWire (May 1, 2014)
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