Real estate market projects 5% growth in 2014

Real estate market projects 5% growth in 2014 »Play Video
TRI-CITIES, Wash. -- KEPR is always keeping you up to date on the housing market and as we turn the page on 2013, we may be going from a buyers' market to a sellers'.

Edward Duarte moved to Kennewick four years ago, hoping for growth.

"The fact that we are centralized, we have all the highways around us, we got the mall right down from us," said Edward Duarte.

Edward is following a trend, Kennewick was the only spot in the Tri-Cities to see a gain in the number of building permits issued so far this year.

"It's where the land developments have been, it's where the new home developments are right now," said realtor Travis Davis.

Housing experts tell me the average price homes are selling for is at the highest in the past decade, at $245,000. Homes are selling at a rate of nine per day, that's also the highest number since 2009.

"We have less people moving away, but yet our prices have increased, which means we have more buyers coming in," said Davis.

Which in laymen's terms means a sellers market is likely in 2014. Experts expect to see a five percent growth in the number of homes sold next year. The homes that sell the quickest are under $375,000.

"If you're in that price point, it's a good time to sell," said Davis.

Edward has seen this first hand, just since the summer, three of his neighbors have sold their homes.

"He didn't think he was going to sell his home as quickly as he did and believe it or not he came over one day and said 'We're moving, we sold our house, didn't think we were going to, but we did,' so they had to find another house," said Duarte.

"Our housing economy is healthy and stable, it's going to move us forward the next couple of years of a pretty good market," said Davis.

Interest rates are less than four percent right now and housing experts predict we will see that rise to five, this time next year.