Predictions from the National Association of Realtors, the Mortgage Bankers Association, Fannie Mae and Freddie Mac show that home sales are going to heat up in 2017, according to a blog by NAR.
NAR predicted existing home sales will reach 6 million in 2017, an increase from this year’s forecast of 5.8 million, according to the blog. MBA predicted home sales will reach 5.75 million and Fannie and Freddie forecast home sales will come in at 6.2 million.
From the blog:
A huge wave of Generation Yers, who have delayed home buying, are emerging into their key buying years. They are predicted to keep home sales and condo sales strong well into 2020, according to economists.
Meanwhile, new-home construction starts likely will tick up to about 1.5 million per year to 2024, predicts Forisk Research.
Home builders likely will continue to be more subdued, despite calls for more inventory.
As for the rest of this year, the summer housing market saw high demand next to rising home prices, but don’t expect Fall to bring any relief. In fact, it could bring the hottest fall in a decade, new data from realtor.com shows.
While this is great news for sellers or homeowners, the news isn’t as welcome to potential homebuyers.