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What Experts Say About the Housing Forecast
With 2020 nearing, experts and forecasters have issued many market predictions, aligning on certain points, but diverging in opinion on others. Below is a snapshot:
Home-Building
Although homebuilders maintain optimism, buyer demand is stronger, and analysts are divided on whether inventory is meaningfully rising. For 2020, the National Association of REALTORS® expects 10.6 percent more housing starts (multifamily and single-family), while realtor.com® researchers forecast a 6 percent increase in single-family starts. On the flip side, the Urban Land Institute projected single-family starts to tumble 4.7 percent. According to Census data, construction in November spiked—an encouraging indicator.
Home Prices
After a cooling-off period, home prices reignited this year, and are expected to further increase in 2020. How much? At most, a cohort of economists at the NAR Forecast Summit predicted a 3.6 percent rise; at least, realtor.com predicted 0.8 percent; and in the middle, both the ULI and Zillow settled within 2 percent (2.5 percent and 2.8 percent, respectively). By comparison, from January-November 2019, the median price rose 3.18 percent, according to data from Homesnap.
Home Sales
Despite benefiting from low mortgage rates, buyers continue to grapple with limited options, contributing to muted sales this year—a challenge continuing into 2020, experts predict. As of September, NAR expected a 3.4 percent gain in home sales in 2020; in December, however, realtor.com researchers dialed down to a modest 1.8 percent. On an annual basis, existing-home sales inched up 2.7 percent, according to NAR’s November report.
Source: 2020 Housing Market Predictions: A Snapshot |
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January Events
10/9 - 4/14: Utah Jazz, Salt Lake City
10/11 - 2/11: Utah Grizzlies Hockey, Salt Lake City
11/15 - 1/4: Christmas in Color, West Jordan & Provo
11/15 - 2/23: The Gallivan Center Ice Rink, Salt Lake City
11/22 - 1/4: 2019 Luminaria: Experience the Light, Thanksgiving Point
12/6 - 1/5: 2019 ZooLights at Utah's Hogle Zoo, Salt Lake City
Daily - Monday through Saturday: Meet the Cows Dairy Farm Tour, Midway
1/1: New Year's Day Extended Breakfast Buffet, Salt Lake City
1/3: Monster Jam Triple Threat Series, Salt Lake City
1/4: Browning Presents! David Brooks, Ogden
1/11: Rio Tinto Best of Utah NCAA Gymnastics Meet, West Valley City
1/11 - 1/12: Sesame Street Live! Make Your Magic, Salt Lake City
1/18: Winter Market by Farmers Market Ogden 2020, Ogden
1/18: Ultimate 80's Party featuring TIFFANY, Salt Lake City
1/23 - 2/2: Midway Music & Film Festival, Zermatt Resort, Miday
1/23 - 2/2: Sundance Film Festival, Park City
1/24 - 1/31: Park City Live Snow Fest, Park City
1/25 - 3/21: Snowbird Pairing Series 2020, Snowbird
1/29: Park City Plated: Dinner & Painting, Deer Valley
MORE JANUARY EVENTS |
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2200 Park Ave. Bldg. B
Park City, UT 84060
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©2024 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.
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