Heading into 2017, Redfin data scientists and thought leaders put their heads together to predict what the housing market has in store for the new year, under a new president. The Trump administration ushers in three major policies that could significantly affect the long-term trajectory of the U.S. real estate market: infrastructure spending, tax cuts and changes to immigration policy. This year, as these policies begin to take shape, their effect will mainly play out in new construction and mortgage rates.
Strong buyer interest, better access to credit and a modest increase in the number of homes for sale will allow home sales to grow, but not as much as in 2016. Home price growth will hold steady. Homes will sell even faster, breaking last year’s record as the fastest real estate market.
- The housing market will continue to grow, but at a slower pace due to affordability pressures.
- 2017 will be the fastest real estate market on record.
- New construction growth will slow.
- Mortgage rates will increase, but not too much.
- More people will have access to home loans.
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