Future of housing appears bright

The housing market gained significant momentum so far this year, and this trend is expected to continue in the coming months.

The housing market gained significant momentum so far this year, and this trend is expected to continue in the coming months.

By September 2013, national home prices could appreciate an additional 1.1 percent, according to a forecast from Veros Real Estate Solutions. This development may give homeowners the equity needed to list their properties on the market, resulting in additional home sales during the period.

Property data indicates some local markets are expected to outperform the national development, the report said. For example, it's anticipated that home prices in Phoenix will increase 8.3 percent by September of next year.  

"Phoenix has benefited from a drastically reduced housing supply, which has plummeted by over 70 percent from its peak," said Veros vice president of statistical modeling Eric Fox.

However, home price gains are not expected in every local market. In contrast, property values in a number of different parts of California and Nevada could depreciate between 5 and 7 percent in the next 11 months.

Many of these changes will rely on local economic and employment developments in the near future.



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