By Nick Timiraos | The Wall Street Journal
Home prices will rise between 2.1% annually between 2015 and 2018, according to a new report released Wednesday, but those gains mask major differences between the pace of recovery from one community to the next.
The report, published by the Demand Institute, a subsidiary of the Conference Board, conducted a detailed look at 2,200 of the nation’s largest cities and towns and surveyed 10,000 households about their housing situation.
The report found that among those 2,200 cities and towns, the wealthiest 10% accounted for 52% of the country’s total housing wealth, while the poorest 40% held just 8% of all housing wealth. Since 2000, the value of housing for the top decile rose 73% — or by around $2 trillion in nominal dollars — while the bottom 40% of the market rose by 59%, or just $260 billion.
Phoenix-Mesa-Glendale, AZ: Median Price $160,490; 2018 Forecast Median Price$180,920; Forecast price gain 2012-2018 13%
