2014 Housing Outlook: Home Prices Continue to Rise.
Outlook on Home Prices!
Home prices, I believe will continue to rise, but at a slower, more steady pace. The housing recovery continues to push home prices up in most places.
Market Comparison Stats
2012 Average Home Price 2013 Average Home Price
Total Sold: 13,621 Total Sold: 15,738
Average Days on Market: 90 Average Days on Market: 76
Clear Capital forecasts home prices will rise nationally in 2014 3% to 5%. Kiplinger expects an increase of about 4%.
Outlook on Interest Rates!
30 year mortgages- now at around 4.45%- to climb to between 5% to 5.5% by year end. Although this will be higher than rates in early 2013, which were 3% to 3.25%, they are still historically modest. Remember, if you were in the housing market in the 1970's and 1980's, this will still seem ridiculously low.
Reference stats: Kiplinger's Outlook, Forbes, Greater Louisville Association of Realtors
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