Will Home Prices Continue to Climb in 2020?

CoreLogic latest Home Price Forecast, predicted home appreciation of 5.3% in 2020 for the nation as a whole. That is in-line with predictions locally. James Wood, Ivory-Boyer senior fellow at the Ken C. Gardner Policy Institute, said the median sales price of a single-family home will rise 5% to register at $400,000 for the first time, while the median price for condominiums/town houses will climb 10% this year and could reach the $300,000 milestone next year.

James Wood's predictions are for Salt Lake County, but the appreciation estimate should roughly apply to the Wasatch Front as a whole. Single family detached home appreciation was about 6% last year, 8% in 2018, 9% in 2017 and 7% in 2016 and 2015. Considering that most economists are predicting a slight slow down in 2020, a 5% appreciation prediction seems reasonable.

- Jeff Jorgensen

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