The National Association predicts that existing home sales will reach 5.52 million, the average price of a home will be $243k and 2017 will end with mortgage rates hovering around 4.6%. However they caution:
According to Lawrence Yun, NAR chief economist, the swift rise in mortgage rates poses a threat to a faster pace of sales next year. With inventory tight and prices already rising far above incomes in some areas, the unwelcoming sign of higher borrowing costs only adds to the difficult barrier of entry for many prospective buyers. As a result, many are feeling less confident about buying.
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