Svenja Gudell, Chief Economist for Zillow.com, believes that new employment opportunities, population growth, and rising property values will set Salt Lake City’s housing market apart in 2016.
Although many cities are experiencing economic growth, affordable housing opportunities are limited in urban centers. Gudell predicts that first time homebuyers will look for homes in the suburbs where there is a larger inventory of affordable homes. Condo sales will also increase as first time homebuyers look for housing in prime locations.
As the housing market continues to recover, Gudell predicts that millennials will look for more home ownership opportunities. Because affordability is a major concern, millennials have fewer options than established professionals or current homeowners.
Gudell believes that Boise, Idaho and Omaha, Nebraska will experience a housing boom as well. Because of limited inventory and rising demand, Denver, Seattle, Dallas/Ft. Worth, and Portland are also expected to grow quickly.
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This news summary contains excerpts from the Reuters article dated December 28, 2015.