Home prices will increase by 3.1 percent in 2013 and top off 2012 with a 4.6 percent gain, according to Zillow’s December Home Price Expectations Survey.
The survey, which was conducted by Pulsenomics LLC, was based on responses from 105 economists and industry experts.
In September, survey panelists projected more modest gains and predicted prices would rise by 2.4 percent in 2013 and increase overall by 2.3 percent in 2012.
Through 2017, panelists expect prices to increase by more than 3 percent annually.
Among the experts surveyed, Zillow reported the most optimistic quartile averaged a 6.3 percent increase for 2012 and the most pessimistic experts averaged a 3 percent increase.
“An organic recovery in the housing market really took hold in the latter half of 2012, and this improvement is echoed in some of the most optimistic price projections we’ve seen in years from this group,” said Dr. Stan Humphries, Zillow’s chief economist.
Zillow found predictions for prices in 2013 averaged as high as 4.9 percent among the optimistic panelists and as low as 0.8 percent.
“Record levels of affordability and an improving overall economic picture have really helped buoy the market and have us well positioned for continued growth, albeit slightly slower, in 2013 and beyond,” Humphries added.
The forecast is based on the projected path of the S&P/Case-Shiller Index over the next five years. The most recent S&P home price report revealed a monthly decrease in October for both the 10-city and 20-city indices.
April Partida is a Professional, Experienced and Results Oriented, Top Virginia Beach VA Realtor committed to meeting your needs.
April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.
You can reach April at 757-227-1777 or by email, email@example.com.