Big Expectations For Home Sales Through 2018

Dated: 05/31/2017

Views: 59

Big Expectations for Home Sales Through 2018

Image title


More homes are predicted to be sold this year than in more than a decade. In 2017, the number of existing-home sales is expected to increase about 3.5 percent to 5.64 million. By 2018, existing-home sales will likely rise another 2.8 percent to 5.8 million, according to forecasts by the National Association of REALTORS®.


The rise in new jobs, pent-up household formation, and increasing consumer confidence are helping to propel the housing market forward, says Lawrence Yun, NAR’s chief economist.


The new-home sector is also expected to see a surge over the next year. New-home sales are expected to rise 10.7 percent this year to 620,000. The sector is also expected to tick up another 8 percent in 2018 to 670,000 sales, NAR predicts.


Buyers are likely to face higher prices on homes. Prices are expected to increase 5 percent in 2017 and another 3.5 percent in 2018, NAR predicts.


"As a result, buyers are compromising on the number of rooms, length of a commute, or other home qualities," says Joseph Kirchner, senior economist of realtor.com®. "Meanwhile, builders are mostly building for the mid- to upper price range. This mismatch in supply and demand is making affordability more acute for those with modest incomes."


To still get in, buyers are devoting higher percentage of their incomes toward homeownership or compromising on smaller homes or a home farther from the city center where they work.


“They may need to spend more of their disposable income," Bajuk says. "Or they may need to lower their expectations on what kind of home they get."


Source: http://realtormag.realtor.org/daily-news/2017/05/19/big-expectations-for-home-sales-through-2018?om_rid=AAEo--&om_mid=_BZHzmqB9b6jtHK&om_ntype=RMODaily


www.RaulAcuna.com


#RaulAcunaRealtor #TeamRaulAcuna #RemaxTime #RealEstate #HomeBuyers #HomeOwnership


Blog author image

Raul Acuna - CA BRE #01708572

Raul Acuña - Raul has been in the Real Estate Industry since 2005. Raul began working at an REO brokerage before opening his own REO company in 2010. Raul has a business degree from Cal Poly Pomona, ....

Want to Advertise on this Site?

Latest Blog Posts

Are We About To Enter A Buyers Market

Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a

Read More

Fall Brings Price Drops For A Quarter Of Homes

Fall Brings Price Drops for a Quarter of HomesShare of homes with price drops reached a record-high in SeptemberSigns continue to point toward a changing market that’s letting homebuyers

Read More

Thinking Of Selling Your Home Why You Need A Pro In Your Corner

With home prices on the rise and buyer demand strong, some sellers may be tempted to try and sell their homes on their own (FSBO) without using the services of a real estate professional.Real estate

Read More

Coming Soon

Coming Soon!! Horsethief CanyonComing soon to the Horsethief Canyon area. This lovely 3 Bed, 2 bath, home with 1,312 sq ft of living space, on a 8,276 sq ft lot. Will be hitting the market by

Read More