In looking at the most recent REALTORS Confidence Index Survey, the average home price nationwide is expected to rise 3.2% over the course of the year. The numbers come from a survey of over 50,000 National Association of REALTORS members across the country.
The projection is a sign of stability, as a 3.2% increase is a slow and steady enough increase to not jeopardize housing affordability in most markets. The map below gives a state-by-state breakdown. As you can see, California is predicted to fall between a 3% and 4% increase in home values on the whole.
According to the polled REALTORS, Washington, Oregon, Colorado, Wyoming, and Florida agents are predicting the greatest increases in home prices falling between 4% and 5%. Meanwhile, agents in Alaska and New Mexico are the least optimistic about increases in prices as they expect increases no greater than 2%, at most.
With home prices on the rise and mortgage interest rates also predicted to go up over the next 12 months, now may be the right time for you to buy. Interest rates right now are hovering just above 4% which is historically very low. If you are in the position to buy a home right now, then you should be sure to lock in these low rates saving you thousands of dollars over the course of your loan.
Thank you for reading our latest blog. If you, or someone you know, are looking to buy a home or sell your house, then please consider contacting us here at The Wise Team. We can be reached today by calling 714-698-WISE (9473). We look forward to speaking with you!