Thanks to rising incomes, low mortgage rates and a generation of people ready to become homeowners, home prices in the U.S. are projected to rise through next July.
That’s according to a report released today by the real-estate data firm CoreLogic, USA Today reports. The property information provider forecasts annual price growth of 5.4% by July 2020 despite major housing markets experiencing declines across the U.S. in much of 2019.
“With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up,” says Frank Nothaft, chief economist at CoreLogic. “If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.”
The optimistic housing market outlook comes just after an August index report by the S&P CoreLogic Case-Shiller which showed home prices rising at the slowest pace since 2012.
Baton Rouge matches the national trends, with indicators pointing to a slowing Baton Rouge residential real estate market combined with rising prices. Baton Rouge area house sales have been stagnant but the median sales price for Baton Rouge area houses is up nearly 4% year-to-date in July compared to last year, according to the Greater Baton Rouge Association of Realtors.
Read a recent Daily Report feature on the Baton Rouge market here, and the full USA Today story here.
