Tight Supply, home prices expected to rise

June 29, 2015 Posted by Matt

tight supplyTight supply of housing means both home prices and rents will increase this year and next according to a economists.  CoreLogic chief economist Frank Nothaft expects national home prices to match the levels they reached at the peak of the housing boon in 2006 by the end of 2017.  Lawrence Yun, chief economist of the National Association of Realtors, expects median home prices to grow 7 percent this year and 4 percent the next.  Chief economist at Zillow, Stan Humphries, quoted May statistics that showed rents rising 4.3 percent year over year.  Home prices rose only 3.3 percent.