Experts Forecast Home Prices and Rent Continue To Rise During RERC Quarterly Meeting

appleton-young

Once a quarter, the Real Estate Research Council of Southern California holds a luncheon at Cal Poly Pomona that attracts a diverse group on industry professionals.

On March 16, more than 50 people with occupations ranging from economists to bankers and everything between gathered at Kellogg West to dissect the latest in real estate trends and news.

The keynote speaker was vice president and chief economist for the California Association of Realtors, Leslie Appleton-Young, who provided her forecast for the 2016 housing market.

Appleton-Young says she expects Southern California’s residential rent rates to continue increasing as more Millennials and Generation Xers return to the workforce.  She also sees the home ownership market leveling off as prices continue their slow rise.

“The [luncheon’s] kind of claim to fame is really calculating prices over time,” Appleton-Young says. “Michael Carney started it a long time ago and it brings together people interested in real estate in Southern California.”

Carney is the executive director of RERC and a professor of finance and real estate with the College of Business Administration. He has spoken at nearly every luncheon since the council’s inception and gave his 2015 fourth quarter summary prior to Appleton-Young’s presentation.

Overall, Carney says home prices and existing home sales both saw a six-percent rise with non-residential building valuations down. The pdf of his full presentation is available here.

An interesting trend Carney noted was that although permits for new single-family housing decreased, permits for multi-family dwellings increased - likely tied to another climb in residential rent rates.

For more information on upcoming luncheon meetings of the Real Estate Research Council, visit its website.