Story Doesn’t Change for Single-Family Market in 2017

Leslie Appleton-Young is C.A.R. VP and chief economist.

LOS ANGELES—The single-family housing market is set for a strong 2017 after an dip earlier this year, according to experts at the California Association of Realtors, who released their 2017 forecast yesterday at the annual C.A.R. EXPO in Long Beach. C.A.R. VP and chief economist Leslie Appleton-Young gave her forecast during lunch, saying that she expects nominal increase in home sales next year as supply and affordability issues continue to impede growth.

Despite these challenges, strong demand will continue to fuel the market. “With the California economy continuing to outperform the nation, the demand for housing will remain robust even with supply and affordability constraints still very much in evidence. The net result will be California’s housing market posting a modest increase in 2017,” said Appleton-Young. In fact, housing sales picked up in August, with increased closed transactions.