What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Conquering the Mortgage Lender’s Dilemmas

This webinar provides a roadmap for creating a sophisticated, digital-first cost improvement strategy to maximize profits by reducing high processing environments.

HW's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

We need higher mortgage rates to cool the housing market

2020-2024 will have the best housing market demographics and the lowest mortgage rates ever recorded, which could accelerate real home prices too quickly.

MortgageReal Estate

Despite odds, existing-home sales on track to best year in a decade

NAR forecast for 2016

The positive recent news for existing-home sales is predicted to last through the whole year, closing out 2016 as the best year in a decade, according to an economic forecast forum at the 2016 Realtors Legislative Meetings & Trade Expo.

Lawrence Yun, chief economist of the National Association of Realtors, forecasts existing sales to finish 2016 at a pace of around 5.40 million – the best year since 2006 (6.48 million).

“The housing market continues to expand at a moderate pace in spite of the fact that home prices are rising too fast in some areas because of insufficient supply fueled by the grossly inadequate number of new single-family homes being constructed,” said Yun.

“The good news is that pending sales in recent months have remained stable and should support a modest gain in home sales heading into the summer.” 

The latest pending-home sales report stated that sales managed to increase in March for the second consecutive month, reaching its highest level in almost a year.

At the time, Yun said that the month’s pending sales increase signaled a solid beginning to the spring buying season.

After accelerating to 6.8% in 2015, Yun predicts that the national median existing-home price will fall between 4% and 5% this year.

As it stands, potential homebuyers are still basking in historically low interest rates, with mortgage rates dropping to their lowest point in three years.

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