The housing markets that have seen some of the biggest rises in home prices will finish the year strong — then the home-appreciation rates will likely start to cool in 2014, one company predicts.
According to Veros, a predictive technology software company, the top five housing markets seeing appreciation of more than 10 percent this year are Los Angeles, San Diego, San Francisco, San Jose, Calif., and Phoenix. In San Francisco, home prices are expected to rise more than 15 percent this year.
But Eric Fox, Veros' vice president of statistic and economic modeling, said in a webinar sponsored by HousingWire that he expects the pace of price appreciation to slow next year. He projects that the growth of the top five markets will likely slow to around 5 percent in appreciation as those markets work through their supply issues. He says affordability will likely remain high in those markets for the next two years.
Source: “Veros warns housing hot spots won't stay as hot,” HousingWire (Oct. 2, 2013)
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