The real estate market is in a sleepy mode, and there are lots of reasons for this. This is the first of a two-part peek at the forecast for 2016, and in this first of the series, we’ll lay out the forces that are at play, setting the stage for what is to come.
In the 1970s when inflation was high and unemployment was too, the words “stagnation” came to define an economic climate characterized by sluggishness. Goods and services were expensive (inflation) and fewer buyers with the means to purchase them, created the slowdown. In a sense, even though employment numbers have been on the rise, we have a similar situation driving the sale of real estate today.
The California Association of Realtors predicts that existing home sales in the state are expected to rise in 2016 by over 6 percent. It also suggests that 2016 will have the slowest rate of price appreciation in five years. A shift to inland areas is also predicted, with diminishing affordability making coastal areas available to the top buyers only.
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