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February 2017   Volume 43, Number 2      
 

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Redfin Predicts 2017 Will Be the Fastest Housing Market on Record

Redfin, a real estate brokerage, has predicted that home price growth will remain constant with homes selling even faster in 2017 than they did in 2016. This will make 2017 the fastest real estate market on record.

“Baby boomers will become less economically relevant as millennials continue to come of home-buying age. Superstar cities will create much of the job growth, pushing wages in those cities up. Yet the percentage of homes in America’s largest cities that are affordable on the median income has declined the past two years and will continue to fall in 2017. Sales would be even stronger if there were more starter homes on the market to meet demand from millennial homebuyers. We expect to see more homes built in second-tier cities and more millennial homebuyers moving from the coasts to smaller and inland markets where they can find affordable starter homes,” said Redfin chief economist Nela Richardson.

Redfin analysts have predicted that homes will stay on the market for even less time this year because of increasing demand for short-notice home tours and emerging real estate technology that will facilitate real estate transactions.

In addition, Redfin expects that new construction growth will slow. More people will have access to home loans and millennials will move to second-tier cities.

 

 

 

 

In this issue:

Tiny Home Neighborhoods Are Popping up Across America

Chinese Developers Reassess U.S. Projects

Commercial Real Estate Market Sees Mixed Results After Election

First-Time Homebuyers Struggle to Find Affordable Homes to Purchase

Hiver CEO Predicts Major Tech Trends in Real Estate for 2017

Homebuilder Confidence Has Increased, but They’re Not Building New Homes

Newly Created S&P 500 Real Estate Sector Continues to Decline

Redfin Predicts 2017 Will Be the Fastest Housing Market on Record

Russian Interest in U.S. Real Estate Increases After Trump Election

Rising Sea Levels Are Forcing Agents to Rethink How They Sell Coastal Properties


 


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