November 29, 2017

Hartford area home sales forecast to rise in 2018

The Hartford region's home sales are projected to rise 4.5 percent in 2018, but home prices are not expected to grow with it, according to a new study by the National Association of Realtors.

The housing forecast by the association evaluates 100 metropolitan regions for growth prospects in home sales and home pricing. Across the country, an increase in Millennial homebuying and strong sales growth in Southern markets are expected, according to the study.

"The wildcard in 2018 will be the impact of tax reform legislation currently being debated in Congress," the study's authors say.

Nationally, existing home sales are forecast to increase 2.5 percent to 5.6 million homes. Home prices are anticipated to increase 3.2 percent in 2018 after finishing 2017 up 5.5 percent year-over-year, the NAR said.

In the Hartford region, home sales are projected to increase at a higher rate in 2018 than many states but still short of stellar projected growth rates like that of Tulsa, Okla. (7.5 percent) and Akron, Ohio (5.9 percent). Hartford area home pricing, however, is projected to dip in 2018 by about 1 percent.

The New Haven region's home sales are forecast to rise 3 percent but pricing is expected to slide by a little more than half a percent. The Bridgeport-Stamford region will experience declines in both areas, with a fourth of a percentage point drop in home sales and a 2.8 percent drop in prices, the NAR reports.

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