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Home Sales to Continue Upward Momentum Next Year

See what homes are for sale now in Berkeley
See what homes are for sale now in Oakland

Home Sales to Continue Upward Momentum Next Year

Home sales in the East Bay to continue upward momentum next yearHere are some interesting real estate forecasts from Lawrence Yu, Chief Economist for the National Association of REALTORS® at last week’s NAR convention in San Francisco.

  1. On the national level, the number of home sales is forecast to increase by 10% this next year, with prices increasing by 6%.  This will be supported by lower unemployment and, hopefully, less stringent lending standards.
  2. Low inventory (few houses for sale) will continue until housing starts to increase (by 50%) to meet demand.
  3. Mortgage rates are expected to reach 5.4% by the end of next year as consumer prices rise 2.7%.

Search homes for sale in the Berkeley-Oakland areaIn the East Bay, even with the 20 to 30% increase in home prices of the past two years, these forecasts also reflect what’s happening here.  There are still a great number of Buyers looking for a house in the East Bay

A projected 6% increase in home prices is actually a more “normal” level of appreciation  for the East Bay, or one that was sustained in the 90’s until everything started to go off the scale in 2005.

To develop a strategy for selling your home or buying a new home in 2013, do give me a call: 510 847-2409.

Barbara Reynolds, your East Bay real estate specialist

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Comment balloon 1 commentBarbara Reynolds • November 19 2013 12:14PM
Home Sales to Continue Upward Momentum Next Year
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See what homes are for sale now in Berkeley See what homes are for sale now in Oakland Home Sales to Continue Upward Momentum Next Year Here are some interesting real estate forecasts from Lawrence Yu, Chief Economist for the National… more