Forecast: Record home prices expected to continue in 2021
Last year showed how home prices in the U.S. are seemingly immune to an economic downturn, a surge in unemployment and even a global pandemic. For 2021, experts say expect more of the same. In a new forecast published by Veros Real Estate Solution, experts suggest that home prices will continue to rise over the next 12 months in the 100 largest metropolitan markets in the U.S.
“Home prices across the nation have returned to their pre-pandemic level,” the report stated. “[They] will move upward steadily in 2021 as job creation is restored and vaccinations take hold around the country.”
The forecast is calling for a 5.9 percent increase in home prices by the end of 2021, up from a five percent increase predicted just a few months ago.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.
“Home prices across the nation have returned to their pre-pandemic level,” the report stated. “[They] will move upward steadily in 2021 as job creation is restored and vaccinations take hold around the country.”
The forecast is calling for a 5.9 percent increase in home prices by the end of 2021, up from a five percent increase predicted just a few months ago.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.