U.S. house prices will rise this year by less than was predicted just three mont...
BENGALURU - U.S. house prices will rise this year by less than was predicted just three months ago, despite the Federal Reserve wiping out the prospect of future interest rate rises and recent market speculation about a cut, a Reuters poll showed.
The survey of nearly 50 housing analysts polled May 9-22 predicts U.S. house prices to rise 3.3% this year, a downgrade from the 4.0% rise predicted three months ago. House price rises are then forecast to slow to 3.0% next year and 2.7% in 2021. U.S. economic growth beat expectations in the first quarter, but has since started to show signs of a slowdown.
Yet nearly two-thirds of 41 analysts who answered an additional question said the risks to their housing market outlook were skewed more to the downside. Among property analysts who answered an additional question, 20 of 35, or nearly 60 percent, said it would take two years or more for the housing supply to reach adequate levels to meet demand. Nine said one to two years, while the rest said six months to one year.
“Price gains have slowed sharply, hit at first by rising rates but also sucker-punched by ‘tax reform’,” said Robert Brusca, chief economist at FAO Economics.
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