Housing Outlook for 2019
According the Orange County Register's Article on January 7th, 2019
Housing outlook for 2019: Is it too late to buy a home?
Forecasters say the market is correcting to a 'normal' level we haven't seen in a really long time
Writer Jeff Collins reports the following:
"The CoreLogic HPI Forecast indicates U.S. house prices will increase 4.8 percent by November. The California Association of Realtors predicted California house prices will be up 3.1 percent by year’s end (vs. a 7 percent gain in 2018).
- Chapman University’s forecast concurred with CAR, foretelling a 3.1 percent house-price gain in California this year.
- Chapman also forecast a 2.9 percent gain in Orange County. Said Chapman economist Doti: “That is low enough of an average to suggest price depreciation in some geographic markets and markets at high price points.”
- Economists at California State University, Fullerton, predicted home prices will rise in the 4-5 percent range throughout Southern California.
Since wage growth hasn’t kept pace with home prices, the Cal State Fullerton forecast said, “that restrains what households can pay for housing.”
Another area of interest that is addressed – is it a good time to buy?
"If you can find a house you can afford in a neighborhood and school district you like and plan to live there more than five years, then market ups and downs won’t affect you, said Green, the USC Lusk Center director.
“You buy a home when you can afford it,” added Anil Puri, director of Cal State Fullerton’s Woods Center for Economic Analysis and Forecasting. “Timing the housing market is like timing the stock market.” Meaning, it’s pretty hard to do."
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