On October 25th Metrostudy’s Chief Housing Economist, Mark Boud, presented a quarterly market update to a virtual room of more than 1,200 registrants. Our Regional Directors, John Covert, Colorado; Eric Allen, Utah; and Todd Britsch, Washington joined Mark in a round table lightning session to share an outlook and trends for their “hot” local markets.
Here are just a few highlights and key takeaways for 2017 based on the current numbers:
- 1.27 million starts and 1.16 million closings (including multi-family)
- By the end of 2017, the U.S. housing market will be under supplied by 2.5+ million homes, with the beginnings of potential over valuation
- 2.8 million jobs will be created on slightly slower job growth than in 2016 (international demand slows, potential public policy challenges/tax increases)
- Mortgage rates will begin to gradually rise
- Remodeling and Replacement activity will reach another new high in 2017, with a 4.2% increase (due to too few new homes being constructed).