25 Nov Improved Home Sales Predicted for 2015, Despite Remaining Hurdles
Existing home sales and home prices are expected to rise next year, according to an economic forecast presented by Lawrence Yun, chief economist for the National Association of REALTORS, and Mel Watt, director of the Federal Housing Finance Agency at a residential real estate forum held during the 2014 REALTORS Conference & Expo in New Orleans.
These changes in the industry are anticipated to benefit both buyers and sellers, though challenges may remain as the market continues its path of recovery.
Thanks to improvements in inventory, slower price gains and pent-up demand, existing home sales have shown stronger growth recently when compared to the slow start of 2014.
“The improving job market has consumers feeling more confident, and the rebound in home prices is building household wealth for homeowners and giving them the ability to sell after waiting the last few years,” said Yun.
“The economy finally regained the 8.8 million jobs lost during the downturn and we’re starting to see more workers showing a willingness to quit, which usually signals they’re becoming more mobile and confident they can find a higher paying job,” Yun said. “Rising wages and the current pace of rising rents would likely persuade the Federal Reserve to raise short-term interest rates, which hovered near zero for six years.
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