The first predictions for the 2018 housing market are in from Freddie Mac’s September Outlook report and it looks like sales of new construction homes are predicted to be the “primary driver of sales in 2018”. Prices are anticipated not to rise as much as the 6.3% growth we saw this year, but rather with more housing starts and a moderate increase in mortgage rates, to rise only about 4.9%. Overall, Freddie Mac is forecasting a 2% increase in total home sales for next year.
According to Sean Becketti, chief economist for Freddie Mac, “the economic environment remains favorable for housing and mortgage markets.” He added, “For several years, we have had moderate economic growth of about two percent a year, solid job gains, and low mortgage rates. We forecast those conditions to persist next year.”
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