Current Housing Market “Far from Bubble Territory.”
DS News April 14, 2014
Despite major gains in home values, particularly in California, market strategists from Pro Teck Valuation Services say “there is no housing bubble on the horizon.” In the ranks of the hottest and coolest metro markets in the country. California claimed nine of the top 10 slots! And though California has shown impressive gains in valuation recently—a trait that often makes California the subject of “new housing bubble” talk—Pro Teck CEO Tom O’Grady said he does not foresee trouble over the next five years. “It’s an impressive run, but far from housing bubble territory.” The reason is because Pro Teck’s data has shown that bubbles don’t happen until a market appreciates 150 percent or more for five straight years. And he doesn’t see it happening through 2019, even in the strongest market going, Los Angeles. “Our forecast for the next five years still shows that home prices will see a steady uptick, but no housing bubble and will remain below their 2006 peak,” he said.
One of the primary drivers of the appreciation in the California metros is the limited inventory of homes, which often leads to bidding wars and all nine CA metros cited as the hotest have four or less months of remaining inventory.
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