Uncertainty in Housing Market

Prices are up in the residential market, but affordability a concern.

Housing, which zoomed up 18.4 percent in price last year, faces “uncertain” prospects this year, according to Tim Sullivan, newly named local chairman of the Urban Land Institute.

Sullivan, a real estate industry consultant, said last year’s housing market was one of “exuberance.”

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“Now I’d characterize the 2014 outlook as one of optimism but still with a level of uncertainty,” Sullivan said, “because we had such a nutty 2012 and ’13 with home prices moving up quickly and a little bit of land selling — maybe a three-year period of exuberance jammed into one. The market is now reeling again and there’s concern and uncertainty.”

His outlook, offered during an interview with U-T San Diego on Monday, was brightened somewhat by the firming up of occupancy rates for retail, office and industrial space and rental rates rising enough to justify some new construction, particularly for build-to-suit projects.

“From a residential side, it’s very solid — prices are up — but now we have a concern, after a year of affordability,” he said. “We can’t win for losing, and we can’t lose for winning.”

read more at: http://www.utsandiego.com/news/2014/feb/26/tp-uncertainty-in-housing-market/

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