Luxury Property Specialist says record appreciation for homes in 2020
SAN DIEGO (KUSI) – Housing prices are expected to climb 8.0% next year and 5.5% in 2022, with 30-year fixed mortgage rates of 3.0% and 3.25% for 2021 and 2022, respectively, National Association of Realtors.
Mortgage rates continue to be at all-time low levels and experts all agree they will continue to stay low to encourage buyers, said Luxury Property Specialist, Carlos Gutierrez.
Corelogic measured the nation’s home price increases and San Diego Increased 8.3% which is second behind Phoenix at 12%.
The corelogic home price insight also reveals the differences in expected home price growth across metros. In markets like Las Vegas, where the local tourism economy and job market continue to struggle, home prices are expected to decline by 1.8% by October 2021. Conversely, in San Diego, home prices are forecasted to increase 7.9% over the next 12 months as low inventory continues to push prices up.
Gutierrez said, “The market is very strong and we saw record sales in 2020 despite the pandemic. NAR and CAR are both predicting if we see a vaccine and rates stay low, we will have a stronger spring for home sales.”