Posted in Industry News
2014 Housing Recovery Expected to Vary Across Markets
The national housing market continues to reach normal levels of activity and is expected to expand even more in 2014. However, according to the online database Zillow’s Real Estate Research, that growth will vary across local markets in the U.S.
The real estate company’s fourth quarter Real Estate Market Reports indicate a rise of 1.4 percent in home values over the third quarter of last year. As a whole, the country is seeing a slow but steady leveling off in home value appreciation and some markets are seeing this slow-down faster than others. To that point, 83 percent of all metros in the U.S. reported a lower appreciation in December 2013 versus November. Still, this slow-down was to be expected says Zillow, as home values grew at a rate that was not sustainable for long throughout last year, most notably in the Southwest region of the country, especially California.
Over the next year, home values are predicted to increase by 4.8 percent nationally according to the Zillow Home Value Forecast. 291 markets were included in this forecast and of those, 265 are expected to see a rise in home value. The Riverside and Sacramento metros of California are expected to see the highest increases with 16.1 and 11.6 percent, respectively.
On the flip side, 25 of these metros are predicted to hit a bottom by the end of this year.
Read the full article from Zillow here.
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