A number of real estate industry economists have released their 2016 housing market predictions, and here is what they are forecasting in the year to come.
Home prices/values are expected to increase at a rate of between 3.5 and 4.5 percent in 2016. In 2015, home values grew at a rate of about 6 percent.
Interest rates are forecasted to gradually increase over the year, but should remain historically low.
First-time homebuyers will likely be older. In 2015, the median age of first-time homebuyers set a new record high of about 33 years of age. It is anticipated that a new record high will be reached in 2016.
Rental prices are estimated to continue rising at a quick pace. Record high median rental prices appear to be in the future for 2016.