Neil Shekhter – NMS- 2018’s Hottest Housing Markets

LOS ANGELES, CA / ACCESSWIRE / May 9, 2018 / According to Neil Shekhter, founder, and CEO of Santa Monica-based
NMS Properties, in 2018 U.S. homes should increase in price by around 3.2%. That is a slight decrease from last year when the average prices were up 5.7%. That change most likely has to do with the decline of sales in the luxury market. For the past several years the housing market has seen an unsustainable level of price appreciation; now the growth will become more moderate and start to normalize.

Demand for less-expensive homes is expected to remain strong, while the higher-end market is flooded with inventory. The status of the job market is instrumental in shedding light on market trends. Lower-middle-income households took a long time to experience the benefits of the good economy. Now, since unemployment rates are low enough everyone is able to reap the rewards.

The Southeast will witness some of the largest home-price gains. Economic growth and a large amount of land both support their housing market. Nashville TN leads in growth at 8%, while Orlando FL comes in at 7%. Affordability within Florida is above average in several metropolitan areas including Tampa, Orlando, and Sarasota.

Other regions are benefiting from job growth and a smaller inventory. Denver is expected to see a gain of 6.5% this year, Seattle with 6.2%, 5.8% in Raleigh, Miami at 5.3%, 5.1% in San Francisco, and 4.4% in California’s Silicon Valley. A booming local economy and an unemployment rate of 2.9% (compared to the 4.1% national average), has made Denver a prime market location.

As for the state of Texas, the Dallas-Fort Worth-Arlington market will see the strongest in-state growth at 5.6%. With Houston’s diversified economy and recovery from Hurricane Harvey, they rest at 4.2% growth. Austin is in the middle at 4.4%.

The new federal tax law may negatively impact certain districts of New York. There is now a $10,000 cap on local and state tax deductions. Regardless, the metropolitan region of New York will surpass the national average for home-price gains this year at 4.2%. Metro-New York, California, and other high-tax municipalities will especially be affected by the new tax structure. Despite all of that, these markets will not drop in price.

Luxury and high-end markets will most likely see the largest deceleration in price growth. A smaller pool of buyers and extra inventory forces sellers to price their homes more competitively. Although there is a decline right now, the long-term trend is positive. Retirees and wealthy foreigners make up a large part of the high-end buyer demographic.

Entry level luxury home prices grew 5.1% last year. Certain cities including Maui HI, Eagle CO, and Brooklyn NY have seen a 30% growth in high-end markets. The fastest growing high-end markets are located in Seattle, Marin County CA, and Brooklyn.

Contact Information: GAlberts@NMSProperties.com

NMS is the trusted source for Los Angeles Apartments.

NMS has offered quality rentals in the Los Angeles area for nearly three decades. Since 1988, NMS has developed and managed a large portfolio of premier apartment buildings and commercial properties in Santa Monica, West Los Angeles, Brentwood and the
San Fernando Valley.

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SOURCE: NMS Properties, Inc.

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