As per REATOR Magazine, 2015 may have marked the best housing market since 2007. According to recent forecasts by realtor.com, the housing market in 2016 will get even “rosier.” As employment grows adding to consumers’ wallets and allowing buyers the power to purchase everything from a first home, upgrade to a new one, or build a luxury home, or even build a second home. Federal Reserve Chair Janet Yellin acknowledged a “welcome pickup” in the pace of average hourly earnings and business compensation per hour in testimony to Congress’ Joint Economic Committee.
“We have lived through 15 years of truly abnormal trends, and after working off the devastating effects of the housing bust, we’re finally seeing signs of more normal conditions, says realtor.com’s Jonathan Smoke. “Home prices are expected to follow at more normal rates consistent with a more balanced market.”
According to Forbes Magazine, 2016 and 2017 will see an increase in housing construction. Home prices will rise during this period, and level off for a year or two, but there will be no outright decline.
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