Home sales are expected to edge up slightly in 2017, while prices post slowest gain in six years according to the California Association of Realtors (C.A.R.). If you are looking to purchase a home in Chino Hills or surrounding areas, it would be beneficial to review the California Housing Market Forecast.
C.A.R. President Pat Zicarelli expects that “Next year, California’s housing market will be driven by tight housing supplies and the lowest housing affordability in six years,” and that “The market will experience regional differences, with more affordable areas such as the Inland Empire and Central Valley, outperforming the urban coastal centers, where high home prices and a limited availability of homes on the marker will hamper sales. As a result, the Southern California and Central Valley regions will see moderate sales increases, while the San Francisco Bay Area will experience a decline as home buyers migrate to peripheral cities with more affordable options.”
In 2017, the California median home price is predicted to increase by 4.3 percent, following a projected 6.2 percent increase in 2016, showing the slowest rate of price appreciation in six years.
The demand for housing will remain in its strong state even with supply and affordability constrains. The net result will be California’s housing market enabling a modest increase in 2017. “The underlying fundamentals continue to support overall home sales growth, but headwinds, such as global economic uncertainty and deteriorating housing affordability, will temper strong sales activity,” according to C.A.R. Vice President and Chief Economist Leslie Appleton-Young.
For more information about the C.A.R. 2017 California Housing Market Forecast and how it effects homes in Chino Hills and surrounding areas, visit www.car.org or contact Erika Shinzato, top real estate agent in Chino Hills (91709) and surrounding areas at (714) 485-3998.