Experts predict housing prices will rise in these US cities in 2024

CoreLogic firm forecasts housing price growth for 20 US cities in 2024 (Reuters/Hyungwon Kang)

The United States real estate market is forecast to see home price growth in 20 cities through 2024 at at least double the national rate, which is estimated at 2.5%. This has been estimated in a report published by property research firm CoreLogic. CBS News In which a decline in prices was also estimated in some metropolitan areas. Notably, the city of Redding, California, leads the list with a potential 7.3% increase in home values.

Contrary to general expectations, which relate an increase in financing costs with a decrease in housing prices, The year 2023 bucks this trend due to intense competition for limited inventory of properties,

CoreLogic economist Selma Hepp told in an interview. CBS News HeDespite affordability crisis in the country, pent-up demand pushes up prices: “This continued strength remains remarkable amid the country’s affordability crisis,” he explained. Along the same lines, Zhao Chen, an economist at Redfin, shared with the same medium late last year that Only 16% of homes in the United States were affordable for the average buyer during 2023, a significant decline from 40% before 2022, when mortgage rates began to rise.,

Expectations indicate that property values ​​in Redding, California, could see the largest increase nationwide (Reuters/Lars Hagberg)

Cities in California with projected increases in home prices by 2024 include: Redding (7.3%), Santa Maria-Santa Barbara (6.8%), Santa Rosa (6.4%), Merced (6.3%) and Santa Cruz-Watsonville ( 5.8%). In Washington: Bremerton-Silverdale (6.5%), Mount Vernon-Anacortes (6.2%), Longview (6%), Walla Walla (5.9%). In the state of Idaho: Coeur d’Alene (6.4%), Pocatello (6%) and Lewiston (5.8%).

The cities of Fairbanks, Alaska were also listed; Corvallis, Ohio and Bend-Redmond, Oregon (6.3%); Grand Junction, Colorado and Casper, Wyoming (6%); Prescott, Arizona, Lakeland-Winter Haven, Florida and Kahului-Waluku-Lahaina, Hawaii (5.7%).

CoreLogic also warned about the potential for declines in real estate values ​​in some areas, particularly those that experienced large price increases during the pandemic. For example, in Florida, several cases have been reported, such as in Tampa-St. Petersburg, where housing costs have increased by 72% since the beginning of 2020.

Only 16% of homes were affordable for the average US buyer in 2023, down from 40% last year (Reuters/Phelan Ebenhack)

Five cities are at the top of this list possible price decline Real estate are:

  • Palm Bay-Melbourne-Titusville, Florida
  • West Palm Beach-Boca Raton-Delray Beach, Florida
  • Tampa-St. Petersburg-Clearwater, Florida
  • Delta-Daytona Beach-Ormond Beach, Florida
  • Atlanta–Sandy Springs–Roswell, Georgia

It is important to highlight that these figures come from an exclusive analysis of the real estate sector and represent another variable in the complex economic landscape facing potential home buyers. in this context, The Federal Reserve’s decisions and the fight against inflation will remain key elements that are likely to shape market trends in the future.

These expectations are part of a broader vision of the behavior of the real estate market within the United States, a sector that has shown remarkable resilience in the face of recent economic challenges and that will continue to be the subject of analysis and monitoring by professionals. Potential buyers.

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