The West IS Best!Despite a more moderate housing market forecasted overall for 2017, strong local economies and population growth are expected to continue to fuel the nation’s hottest markets, where Los Angeles ranks #2 among the 100 largest metros in the US in terms of price and sales, per the Realtor.com 2017 Housing Forecast.
"These top 10 markets are forecast to see average price gains of 5.8 percent and sales growth of 6.3 percent, exceeding next year’s anticipated national growth of 3.9 percent and 1.9 percent, respectively. But when compared to last year, prices in eight of the top 10 markets are expected to decelerate with only Los Angeles and Tucson, Ariz. showing stronger growth than last year."
Also expected for us locally in the PV / South Bay area: Millennials and Baby Boomers will drive the market; Limited inventory will continue; Western metros will continue to dominate in terms of price and sales; Interest rate jump(s) could potentially price some buyers out of the market.
For full article, go to: http://research.realtor.com/2017-national-housing-forecast/