Zillow: 4.1 Percent Home Price Increase in 2018
December 5, 2017
When it comes to home prices, the experts at Zillow predict that 2018 will look a lot like 2017: Prices will continue to rise.
Zillow issued a data report stating home prices will climb by 4.1 percent next year, an increase from the prediction issued one year ago that pegged the price hike at three percent. Zillow’s survey of housing market experts added that mortgage rates are likely to rise next year to around 4.5 percent from the current rate of about 3.9 percent.
"The American labor market is stronger than it's been in decades and Americans, particularly young Americans, are increasingly feeling confident enough to buy homes," said Zillow Senior Economist Aaron Terrazas. "Home building has not kept pace with this surge in demand and remains well below historical norms. We don't expect that these demand-supply imbalances will fundamentally shift in 2018: Demand will continue to grow and, though supply should increase somewhat, we still won't build enough new homes to meet this demand, contributing to higher prices. Higher mortgage rates will eat into buyers' budgets, putting even more price pressure on the most affordable homes for sale. Unless there is a fundamental shift in the number and type of homes for sale, this is the new normal of the American housing market."
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