Good or Bad Future – Predicting the 2016 Housing Market

January is coming to an end so now is the perfect time to check out real estate trends!

With the end of 2015 we saw growth in the market and 2016 is off to a great start as well. Overall, total unit sales in 2015 were up over 2014 sales plus the average prices were higher than 2014 as well which is great news for the market.

Trends are showing housing sales increased 8.2% from the same month a year ago. This is the strongest increase in year-to-year comparisons since June 2015! “December housing sales rose unexpectedly for the second month in a row with year over year sales up 8.2%, the best showing since June 2015 and above November’s accelerated rate. The West region had the strongest showing with unit sales up 10.3%. Each region showed increased strength indicating that the housing market is heading into the new year in very strong shape” according to the REAL Trends Housing Market Report. The report also states “The market appears to be stronger than anticipated and has shrugged off other negative news such as the decline in equity markets and the slower rate of foreign purchases of homes”. Housing prices rose an average of 3.7% from December 2014 indicating that home sales and average prices are rising in tandem and above the average for the last 6 months of 2015.

Overall the market trends are looking positive for the next year. “We now expect that housing unit sales increases will continue be higher in 2016 than thought earlier this past year.  Most forecasts believe that housing unit sales will increase 3%-5% for all of 2016 and that average prices will increase 3%-4%. With the recent strength in housing sales both of those may be on the low side of what actually happens in 2016.”

If you’re thinking of selling and have questions on the market or if you’re wondering what steps you should take to prep your home for sale, contact Wilson Realty Group at (919)378-1974! Our expert Listing Specialists are here for you!