Sales of existing single-family homes – which make up about 68% of the overall market – are projected to rise 1.4% in 2017 to 413,000 transactions, reports Jeff Collins, staffer at The Orange County (Calif.) Register.
He digs into a new forecast by the California Association of Realtors.
Next year’s small gain will follow a projected 2016 sales drop of 0.4% to 407,300 deals, the forecast said.
Meanwhile, the median house price – or price at the midpoint of all sales – is projected to rise 4.3% to $525,600. That’s the smallest percentage gain in six years.
By comparison, 2016 house prices are projected to be up 6.2% to $503,900 by the end of December.