Housing Market in 2013: Things are looking good!
Some believe that our coverage of the housing market at times is too optimistic. Today, we want to report on Freddie Mac’s projections for the real estate market in 2013 as per their latest U.S. Economic and Housing Market Outlook.
Frank Nothaft, Freddie Mac vice president and chief economist, explains:
“Across the nation, most local housing markets have room for sustainable growth, particularly in home construction and sales. As the broader economy heals, expect to see more good news with house prices continuing their recent upward trend, and home sales and housing starts continuing to post strong growth rates.”
The report also offered projections on sales and prices.
Housing Starts and Sales
- Projecting housing starts in 2013 will increase to 950,000 units or about 22 percent higher than 2012 levels.
- Existing home sales are expected to pick-up as the house price recovery allows homeowners who have been forced on the sidelines by negative equity to get back into the market.
- While most metro areas saw substantial run-ups in prices during the boom, well above income growth, the subsequent market correction was in many cases more severe.
- The level of affordability in most markets suggests a continued improvement in home prices, and strong growth in sales and construction.
It seems Freddie Mac is also optimistic about the future of real estate in the U.S.
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