Home sales and prices are expected to continue their upward trends well into 2017, according to predictions for industry experts. The California Association of Realtors released a forward looking report regarding housing market conditions in the coming year and the results have produced a mixed bag of news.
The bright note for homeowners is that values and equities are excepted to exceed this year's rate of increases and provide an even more robust seller's market. However, on the other end of the spectrum, home buyers in most California cities will see prices soar beyond levels of affordability.
The report notes that it's possible the price increases may be muted as the year carries on if demand drops. The median price for a single-family detached home in the Golden State is expected to end the year 6.2 percent higher than 2015 and should climb another 4.3 percent in 2017.
Today, conventional conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.75 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.