Housing Market 2020 Predictions After a cooling-off period in 2019, home prices regained momentum and are expected to further increase in 2020. How much? A cohort of economists at the National Association of Realtors Forecast Summit predicts a 3.6 percent rise; ULI predicts 2.5 percent, Zillow estimates 2.8 percent and Realtor.com 0.8 percent. The California Association of Realtors (CAR) believes the median home price in California likely will increase by 2.5% to $607,900 in 2020, slowing from a projected 4.1% annual gain in 2019. The group predicts sales of existing single-family homes will increase 0.8% in 2020 to reach 393,500. While low mortgage rates make it easier for buyers to afford homes, this is being offset by the possibility of an economic contraction due to international trade concerns, said Jared Martin, president of CAR. “Buyers have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and market uncertainties.” “California’s housing market will be challenged by changing migration patterns as buyers search for more affordable housing markets, particularly by first-time buyers, who are the hardest hit, moving out of state,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young. “With California’s job and population growth rates tapering, the state’s affordability crisis is having a negative impact on the state economically as we lose the workers we need most such as service and construction workers, and teachers.” What are the experts saying? “Housing remains a solid foundation for the U.S. economy going into 2020. Although economic output is expected to soften—influenced by clouds of uncertainty in the global outlook,...
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.