Home Sales Expected to Improve in 2015, but Some Headwinds Still Remain
WASHINGTON (November 9, 2014) –Existing-home sales are expected to be higher next year and prices will remain at a healthier level of growth that benefits both buyers and sellers, according to an economic forecast at a residential forum during the 2014 REALTORS® Conference & Expo.
Lawrence Yun, chief economist of the National Association of REALTORS®, was joined onstage by Mel Watt, Director of the Federal Housing Finance Agency, who discussed issues preventing consumers from becoming homeowners, and Julián Castro, Secretary of Housing and Urban Development, who kicked off the forum with a video address.
Yun said existing-home sales this year got off to a slow start, but have recently shown stronger growth behind improvements in inventory, slower price gains and pent-up demand.
“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.