{"id":11434,"date":"2017-05-23T14:18:43","date_gmt":"2017-05-23T19:18:43","guid":{"rendered":"https:\/\/therealdaily.com\/?p=11434"},"modified":"2017-05-23T14:19:07","modified_gmt":"2017-05-23T19:19:07","slug":"home-sales-forecast","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/realuoso\/home-sales-forecast\/","title":{"rendered":"Crystal ball: what will home sales do for the rest of this year?"},"content":{"rendered":"

NAR Midyear forecast<\/h2>\n

Last week at NAR\u2019s annual REALTORS Legislative Meetings and Trade Expo (NAR Midyear) in Washington, key economic leaders took to the stage to forecast home sales for the coming year.<\/p>\n

Read also: NAR unveils bold ad campaign pressing politicians to act<\/a><\/strong><\/div>\n

\"bar\"<\/p>\n

What to expect<\/h2>\n

NAR\u2019s Chief Economist, Lawrence Yun, presented a midyear economic forecast. When it comes to existing homes, according to Yun\u2019s report, the first quarter sales hit 5.62 million, the highest since 2006 and a 3.5 percent increase from last year. He said that these figures \u201cexceeded expectations\u201d and attributed the sales increase to \u201crecord highs\u201d in the stock market, \u201c16 million new jobs created since 2010\u2026 and rising consumer confidence.\u201d<\/p>\n

However, Yun also noted that the number of new homeowners remains somewhat suppressed.<\/p><\/blockquote>\n

That suppression is largely due to lack of listings in the low- and middle-market range. Pricing growth in many metropolitan areas has caused overall existing-home prices to rise by 5 percent, making many existing homes unaffordable to first time buyers and young families. \u201cPrices are still rising too fast in many areas and are outpacing incomes,\u201d Yun explained.<\/p>\n

Low ownership rate<\/h2>\n

Unfortunately, new home construction may not make up for the difference. Yun explained that the \u201cbuilding industry\u2019s ability to produce more single-family homes\u201d was being thwarted by \u201climited lots, labor shortages, tight construction lending and higher lumber costs.\u201d Yun predicts that 1.5 million new homes will need building, an increase in housing construction of 8.4 percent.<\/p>\n

Yun believes that sales will increase when \u201cthere\u2019s a meaningful bump in new and existing inventory.\u201d<\/p><\/blockquote>\n

Yun was also joined onstage by Jonathan Spader of the Joint Center for Housing Studies at Harvard University. Spader added to Yun\u2019s analysis of the low homeownership rate, adding that older adults are foreclosing, while younger homebuyers are delaying their purchase in hopes of an economic upturn. Nonetheless, he anticipates reaching over 60 percent homeownership by 2025, with increasing diverse family structures, races, and ethnicities represented amongst homeowners.<\/p>\n

#NARCrystalBall<\/h3>\n","protected":false},"excerpt":{"rendered":"

(REAL ESTATE DATA) NAR’s Chief Economist lays out his predictions for home sales in the coming year.<\/p>\n","protected":false},"author":337314,"featured_media":11436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[91,1],"tags":[1577,1578,263,1234],"class_list":["post-11434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","category-realuoso","tag-forecast","tag-homebuying","tag-nar","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2017\/05\/pexels-photo-243722-e1495567084192.jpeg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/11434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337314"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=11434"}],"version-history":[{"count":4,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/11434\/revisions"}],"predecessor-version":[{"id":11439,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/11434\/revisions\/11439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/11436"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=11434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=11434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=11434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}