By all accounts, 2013 will go down as a great year for the housing market. Whether you’re looking at sales or housing starts or prices, virtually every indicator on the real estate market will show at least a 10% year-on-year improvement.
But as noted author, financial expert and real estate attorney Shari Olefson notes, that’s not only to be expected coming out of a trough like 2008, but it also won’t last.
“We started off in 2013 real strong but toward the second half of the year we saw things slow down,” Olefson says in the attached video. “We’ve had almost 3 years of continuous increases and have now had 3 months of sales decreases and slowing momentum,” she adds.
Sales to Stagnate, Price Spike to Slow
Officially, she’s forecasting roughly unit sales of 5.1 to 5.2 million homes next year, on a three to six percent increase in prices, down from about 10% that we chalked up in 2013.
If you’re a buyer, that’s going to be a relief. If you’re a seller or current owner, that’s not good news,