Washington, DC, Nov. 10, 2014 — Sales of previously-owned homes next year may hit the fastest pace since 2006, according to the National Association of Realtors at a forum this weekend.
NAR said it expects sales of existing-home will likely hit 5.3 million, an 8% jump from this year’s expected final tally of 4.9 million.
“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 Lawrence Yun, NAR’s chief economist.
Existing-home sales this year are expected to fall slightly below 2013 (5.1 million) to 4.9 million, and then are forecasted to increase to 5.3 million next year and 5.4 million in 2016.
Yun expects the national median existing-home price to rise 4 percent both next year and in 2016.
Sales were hurt this year by bad winter weather, rising prices, low inventory, and difficult lending requirements for borrowers.