Freddie Mac Forecasts Good Year for Housing
Freddie Mac's March forecast, released March 31, says 2016 will be the best year for housing in a decade. The forecast includes housing starts, total home sales and house prices. The forecast bodes well for remodeling and for new home construction.
The forecast pegged housing starts at 1.3 million, an increase of 200,000 units, multifamily and single family combined. Favorable mortgage rates, forecasted to stay below 4 percent until the second half of the year, will support existing home sales and construction. House prices will continue to rise, forecasted at 4.8 percent, a more moderate pace than 2015's 6 percent increase.
Sean Becketti, Freddie Mac chief economist, said "low levels of inventory for-sale and for-rent and declining housing affordability will be major challenges, but on balance the nation's housing markets should sustain their momentum from 2015 into 2016 and 2017."
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