At the beginning of the year, industry forecasts demanded that the price of domestic prices slow to about half the double-digit figure we saw last year. The thought was that inventory would rise from record-low levels and end the supply wars which have raised home prices over the past twelve months. However, this increase in inventory has yet to materialize. La National Association of Agents of Actors (POMEGRANATE) reports uncle there are currently 410,000 fewer single-family homes for sale than was at this time last year.
This forced those who predicted predictions before last January to change those projections. La Mortgage Bankers Association, Fannie Mae, Freddie Mac, la National Association of Agents of Actors, and Zelman & Associates all adjusted their numbers up after reviewing the first quarter housing data. Here are their original forecasts and newly updated projections:Even with the increases, the updated projections still do not reach the top 10% value levels of 2020. However a jump in the average projection from 5.3% to 7.7% after only one quarter is significant. Demand will remain strong, so future appreciation will be determined by how quickly listing inventory goes to the market.
Entering 2021, it has been speculated that we could see that price appreciation slows dramatically this year. Today experts believe that this will not happen. Home values will remain strong throughout the year.
Content previously posted in Keep Current Things