Though Millennials are expected to migrate inward and take advantage of affordable housing prices in the Midwest next year, cities out west will remain king when it comes to prices and sales.
The Washington Post rounded up more than a dozen housing predictions made by industry experts. As Realtor.com projected, prices will increase 5.8 percent and sales will rise 4.7 percent in the west region in 2017. Millennials, meanwhile, will look at listings for homes in Omaha, Des Moines, and Minneapolis.
Other predictions include:
Home values will rise 3.6 percent
Homes will sell faster than ever before
New construction growth will slow
Mortgage rates will increase, but no higher than 4.3 percent on the 30-year fixed rate
More people will have access to home loans. Next year, Fannie Mae and Freddie Mac will raise its loan limits for the first time since 2006, increasing them to $424,100 for most of the country and to $636,150 for more expensive markets. “This change makes it easier for more homebuyers to qualify for a mortgage in high-priced markets,” Redfin said.