Starting in 2017, what we’ll most likely see is a unique alignment of economic and market forces with jobs and wage growth, low oil prices, and low interest rates. With the California economy outperforming the rest of the nation, California’s housing market is in a better position than most other states. Those in the Beach Cities are in a better position than most other cities in the state. 2017 should bring a modest increase in pricing with a growth in sales activity. The housing market will enter an expansion phase nationally and a wave of new construction will slowly replace the aging housing stock locally
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It’s interesting to note, as we look back on our market forecast for 2016, how our analysis ended up when compared against actual market performance for the year. Read our 2016 forecast and breakdown here.