C.A.R. California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Predicts Slight Increase In Sales In 2013

Economists have the best job in the world because they get paid to guess. The economists and people at CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently released their “2013 California Housing Market Forecast.”

C.A.R. Vice President and Chief Economist Leslie Appleton-Young’s forecast sees sales gaining 1.3 percent next year to reach 530,000 units, up from the projected 2012 sales figure of 523,300 homes sold.  Sales in 2012 will be up 5.1 percent from the 497,900 existing, single-family homes sold in 2011.

Young and the people at C.A.R. forecast the climb in sales to the low interest rates and relatively favorable home prices. However, here in the Bay Area some of those favorable prices continue to move upward.

C.A.R.’s forecast projected growth in the U.S. Gross Domestic Product of 2.3 percent in 2013, after a gain of 2 percent in 2012.  With job growth of 1.6 percent in California, the state’s unemployment rate should decrease to 9.9 percent in 2013 from 11.7 percent in 2011 and 10.7 percent in 2012.

They predict that the average for 30-year fixed mortgage interest rates will edge up to 4 percent after six consecutive years of declines, but will still remain historically low.

C.A.R. Foresees The Statewide Median Home Price To Increase Slightly

C.A.R. foresees the statewide median home price to increase a moderate 5.7 percent to $335,000 in 2013.  Following a decrease in 2011, the California median home price will climb a projected 10.9 percent in 2012 to $317,000.

Of course, they preface these predictions based on variables including federal, monetary and housing policies, state and local government finances, housing supply, and the actions of underwater homeowners.

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

C.A.R. Releases Its California Housing Market Forecast for 2013

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2 Comments

Filed under California

2 responses to “C.A.R. California Housing Market Forecast for 2013

  1. Pingback: Short Sales Forecasts Look Strong In 2013 | Resource Blog

  2. Pingback: National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years | Resource Blog

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