The North State Building Industry Association (NSBIA) released a 2015 housing forecast near the end of 2014 noting their expectations for the housing market. One key element reported was that as 2014 was coming to a close, housing supply was outweighing the current demand. As such, new home sales were coming in at a flat growth rate when compared to 2013. The core of the low to no growth in new homes sales is seen as directly linked to a lack of a high economic driver in the area. While the economic sector and consumers in the region feel the economy has improved, it has been slow to steady, with no real boom in growth.
It is a fundamental growth in the economy that drives new home sales, and increased demand for them. Representatives from the National Association of Home Builders noted that the Northern California region needs to work on better branding for itself, and bring in more higher education opportunities. These approaches are thought to be what will help aid buyers in being able to afford a new home at the average price of $800,000. Currently this price is out of reach for many, and there are few new houses being built to suit lower incomes.
On the plus side of things, there is a clear indicator as to why the housing market is expected to hold steady in 2015. Instead of leading economic changes, the current housing market is reacting to them, which makes for a more stable market overall. Two of the largest demographics of buyers; folks nearing retirement and millennials, will continue to look for homes that will provide the quality of life they want. They will buy in the area, provided housing is built to match their income levels and lifestyle choices. With continued economic growth comes job growth, which in turn creates higher demand for new homes, and the income to buy them. 2015 is expected to hold steady as these indicators steadily rise, and allow for greater new home growth in 2016.
If you are ready to sell or buy your home now, the Ray Marquez can help you find the right home for your lifestyle. We are here to provide you with our exceptional and dedicated services to turn your home dreams into reality. To learn more about how we can help you, contact us directly at 925-575-7605 or you can email me at firstname.lastname@example.org.