Freddie Mac’s 2013 Housing Market Predictions
The latest report from Freddie Mac just came out and it sheds some light on where the company sees the housing market heading in 2013. The latest U.S. Economic and Housing Market Outlook is projecting growth in the housing and new construction markets, as well as housing prices.
The vice president and chief economist for Freddie Mac, Frank Nothaft, explains his real estate housing market predictions:
“Across the nation, most local housing markets have room for sustainable growth, particularly in home construction and sales. As the broader economy heals, expect to see more good news with house prices continuing their recent upward trend, and home sales and housing starts continuing to post strong growth rates.”
This informative report by Freddie Mac also offers projections on real estate housing sales and prices. 2013 projected Housing Starts and Sales Projecting housing starts will increase by 950,000 units. This projection for the real estate housing market is expected to increase 22% higher than 2012 levels.
Homeowners who have been sidelined by negative equity will most likely see home sales pick-up and the housing market recovery increase in 2013. Real estate housing prices were escalated during the housing boom and were well above income growth. The subsequent real estate market correction was more severe in many case. Affordability in a lot of the real estate housing markets supports the continued increase in home prices. Freddie Mac also projects strong growth in home sales and new home construction.
We are strongly encouraged by these new projections from Freddie Mac about the real estate housing market. Their optimism about the future of real estate in the United States is encouraging and exciting!