US property prices predicted to rise 15% by 2015

US property prices predicted to rise 15% by 2015

Property in the USA is expected to experience price rises of 15% by 2015 according to the latest report from the National Association of Realtors, who believe that the growth currently being experienced across the country's property market shows no sign of slowing down.

Lawrence Yun, chief economist of the National Association of Realtors, said the housing market has clearly turned around in 2012. "Existing-home sales, new-home sales and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years, and all of the major home price measures are showing sustained increases," he said.

According to the association, mortgage interest rates are forecast to gradually rise and to average 4.0% next year, and 4.6% in 2014 from the inflationary pressure, while property prices will also rise. The national median existing-home price should rise 6.0% to $176,100 for all of 2012, and increase another 5.1 percent next year to $185,200; comparable gains are expected to be seen in 2014.

"People who purchased homes at low prices in the past couple years, including many investors, can expect healthy growth in home equity over the next four years" added Yun.

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