Market Report: Los Angeles Home Prices Have Room to Grow
Real Estate publication Keeping Current Matters, Zillow-sponsored Pulsenomics real estate industry panel and NAR the National Association of Realtors have concurred with each other to dispute some industry pundits who claim that residential home values have risen too quickly and that current levels are on the verge of another housing bubble.
Panelists surveyed by Zillow said they expected home values to end 2016 up 4.5 percent year-over-year, on average, and for the median U.S. home value to exceed its pre-recession peak by November 2017. A majority of panelists with an opinion said markets in the middle of the country were likely to regain popularity compared to coastal markets in coming years as cost-conscious employers start creating more jobs in Middle America.
A marked shift in fortunes between coastal America and Middle America since the housing recovery began – rapid growth in the former, stagnation in the latter – is likely to eventually reverse as cost-conscious companies look for cheaper places to grow, according to a panel of more than 100 experts.
The Q3 Zillow Home Price Expectations Survey, sponsored by Zillow and administered by Pulsenomics LLC, asked a panel of 113 economic and real estate experts nationwide to offer their expectations for home value growth through 2020. The survey also asked the experts to share their views and expectations on changing dynamics in the middle of the country versus the coasts and in urban versus suburban communities.
The L.A. Loft Blog would change the word “Definitely” to the word “Probably” to give a more accurate depiction of statistical likelihood. Market cycles are never definite; just ask former Fed Chairs Alan Greenspan and Ben Bernanke. The L.A. Loft Blog agrees that there will likely be no major downturn in home prices over the next several years because we have not experienced extended record high prices recently like we had preceding the great depression and great recession. In fact, we have more of a Japanese and European style of prolonged artificially low interest rates. That is more likely to cause overall economic stagnation, which does not require a dramatic drop in real estate prices. Additionally, Downtown Los Angeles outperformed the rest of the country for many years because of DTLA’s unique, dramatic renewal and transformation from blight to luxury. In the current market, it’s all about finding the best deal.
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