The 2016 Housing Market

The 2016 Housing Market

 

Realtor.com

6 Stellar Reasons to Buy a Home in 2016

Realtor.com article lists low interest rates, soaring rental costs, stabilizing home prices, helpful programs from down payments, deals on mortgage insurance, and major tax breaks as stellar reasons to purchase in 2016.

 

Tampa Bay Times Real Estate

Nice Homes Popping Up in Strange Places as Tampa Bay Economy Awakens

Susan Taylor Martin, Tampa Bay Times Senior Coorespondant, describes an “out with the old and in with the new” mentality in St. Petersburg’s Historic Uptown Neighborhood.

 

 

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PR News Wire

Realtor.com® 2016 Housing Forecast Predicts Healthy Market with New Construction Driving Highest Level of Home Sales Since 2006

Of the 6 million homes predicted to sell in 2016, the majority of those sales are thanks to Millenials, Gen X’ers, and retirees.  Interestingly enough, older millennials in the age group of 25-34 years old are expected to make up the largest group of home buyers in 2016.  Jonathan Smoke, chief economist at Realtor.com, says, “Next year's moderate gains in existing prices and sales, versus the accelerated growth we've seen in previous years, indicate that we are entering a normal, but healthy housing market."  He also expresses the need to “make up ground“ with a boost of new construction, a trend we are expecting to see in 2016.

 

Housing Indicator

Realtor.com® 2016 Forecast

2015 Expected Actuals

Home price appreciation

3% increase

6% increase

Mortgage rate

Reaching 4.65% (30-year fixed) by end of year

4.15%

Existing home sales

5.4 million, 3% growth

5.26 million, 6% growth

Housing starts

Overall 12% growth in home starts; 15% growth in single family home starts

Overall 10% growth in home starts; 7% growth in single family home starts

New home sales

Increase 16% with increased single family construction

Increase 14% with increased single family construction

Home ownership rate

Decreases slightly to 63.3% from forecasted 63.4% for 4Q 2015

63.4% for 4Q 2015

Table 1: Realtor.com® Forecast for Key Housing and Economic Indicators

 

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