As we count down to the end of the year and looking forward to 2016, I will be starting a series on the US housing forecasts for 2016. As an investor, one of the most potent tools you need is information of the target market you wish to invest in. In these series, I will provide you with information on some investor friendly markets across the United States with respect to published forecasts for 2016
We have a strong presence in the Mid West and it is not surprising that we are starting with Kansas City:
The Kansas Association of REALTORS in collaboration with Center for Real Estate recently published the 2016 Kansas Housing Markets Forecast and here are the highlights:
Kansas home sales should rise by more than 8 percent in 2016 according to the 2016 Kansas Housing Markets Forecast series published by the Wichita State University Center for Real Estate.
“After a flat year in 2014, home sales activity across the state has rebounded strongly this year,” said Stan Longhofer, director of the WSU Center for Real Estate. “We forecast that sales across Kansas will rise by 8.6 percent in 2016, to 42,110 units.”
Longhofer presented the forecast on Thursday, Oct. 15, at the Kansas Association of Realtors Annual Conference and Expo at the Capitol Plaza hotel in Topeka.
- Home sales –Kansas City home sales were essentially flat in 2014, rising just 0.6 percent. The market has been strong so far this year, however, and this trend should continue in 2016, with sale rising 7.3 percent to 38,280 units.
- Construction –New home construction in the Kansas City area has picked up this year, following a slight decline in 2014. Permitting should continue to rise next year, up 11 percent to 5,260 units.
- Home prices–Tight inventories of homes available for sale have resulted in strong home price gains in the Kansas City area. Average home values are expected to rise by 6.1 percent in 2015 and another 6.3 percent in 2016.
Indeed, the prospects look very bright and the time to start planing for 2016 is now.
Other major cities in Kansas are Lawrence, Manhattan, Topeka and Wichita. We will examine these cities in the subsequent parts in the coming days.