Recent forecasts from leading real estate and mortgage organizations predict a scorcher of a year for home sales in 2017.
The National Association of Realtors (NAR) is predicting existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for this year. But other entities are calling for even hotter levels. The Mortgage Bankers’ Association is predicting home sales to eclipse 6.5 million next year, while Fannie Mae and Freddie Mac are both predicting 6.2 million.
Economists predict that Millennials who have been delaying home buying are now ready to jump and will continue to heat up home sales well into 2020.
Seattle, Portland, Denver, and Boston are expected to be the top markets for price appreciation according to Eric Fox, vice president of statistical and economic modeling at VeroForecast. With tight inventories, strong economies and growing populations, demand is predicted to increase pricing in these markets especially.
We’ll continue to keep our eye on predictions and trends. If these initial forecasts are true, we better get ready for hot days in all markets.
Source: Realtor Mag
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