MHProNews has learned from mapmag, the California Association of Realtors Chief Economist Leslie Appleton-Young stated that house price increases will be at the lowest rate since 2011. She predicts in 2016 the median price of a detached house will rise by 3.2 percent to $491,300, which is less than half of that for this year.
She says while the low interest rate and increasing employment have been good for the housing market this year, the global economy and rising interest rates will have an effect in 2016. She looks for interest rates to average 4.5 percent next year from 3.8 percent in 2015. ##
(Photo credit: car.org)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.
