According to the National Association of Realtors, a “sizeable pent-up demand” for homes is heightening expectations for existing home sales in 2015. This article from The Wall Street Journal reports on some of the highlights from the NAR’s mid-year forecast.
Existing homes sales this year are expected to hit levels not seen since just after the peak, in 2006, driven by strong job growth, low interest rates and a gradual loosening of lending standards, according to the National Association of Realtors.
Lawrence Yun, chief economist at the realtor association, said in his mid-year forecast that he expects home sales to end up around 5.3 million in 2015, a significant pick-up from 4.9 million sales in 2014.
Mr. Yun said that early results this year point to a pick-up in home sales, including sales in the first few months, foot traffic at homes on the market and strong job growth. Buyers who have been kept out of the market by low wages and strict lending standards are likely to start coming back.
