Fannie Mae economists say that “the broadening housing recovery could very well be more robust” than they anticipated, according to the mortgage giant’s lately monthly economic outlook report.
Low inventories of homes for sale are contributing to rapid price increases all across the country, which are expected to continue throughout this year.
Fannie Mae economists predict that existing-home prices will rise 5.1 percent in 2013, reaching a median $186,000. They also predict home prices will increase another 3.8 percent in 2014, reaching $193,000.
New-home prices are expected to rise 4.1 percent in 2013 to a median of $254,000, followed by a 3.5 percent rise in 2014 to $263,000, according to Fannie Mae’s report. Read more ...
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