2015 Housing Recap
Last week we had a recap of the 2015 Real Estate market by our very own Pete Kopf, per statistics from the Cincinnati MLS. This week we are looking at a broader recap of the market across the country.
Final 2015 Housing Numbers Now In
Source: How Did We Do in 2015?
Many have questioned the stability of certain sectors of the U.S. Economy, one section in particular is the housing market. Today we would like to share how the experts feel about how we ended 2015 and where they think we are headed in 2016.
How did we do in 2015?
Overall, a resilient U.S. economy and very solid job growth in recent years made 2015 a great rebound year for the housing market.
Existing-home sales were at the highest pace (5.26 million) since 2006 (6.48 million) and the Pending Home Sales Index came in at an average of 108.8, the highest annual reading sinceyou guessed it: 2006 (111.7).
With the December report on housing starts and permits, preliminary totals for 2015 are now available. Total housing starts at 1.11 million were up 10.8% in 2015 compared to 2014. Single-family starts were up 10.4% to 715,300. All four census regions also experienced increases in single-family starts for 2015.
What can we expect to start 2016?
All indicators point to this spring being the busiest since 2006
Demand for for-sale housing will grow and will continue to be dominated by older millennials, aged 25 to 34. This demographic has the potential to claim a third of home sales in 2016 and represent 2 million home purchases.Return to Blog