The National Association of Realtors recently reported at their 2017 Legislative Meetings & Trade Expo that Q1 2017 was the best quarterly existing sales pace in exactly a decade (coming in at 5.62 million), and is on track to finish around 5.64 million – the best since 2006 (which was 6.47 million) and 3.5% above 2016. In addition, the national median existing-home price is expected to rise around 5% this year. They also predict that supply, affordability and modest economic growth are holding back sales, which threatens the homeownership rate.
“The housing market has exceeded expectations ever since the election, despite depressed inventory and higher mortgage rates,” said Yun. “The combination of the stock market being at record highs, 16 million new jobs created since 2010, pent-up household formation and rising consumer confidence are giving more households the assurance and ability to purchase a home.” Said Lawrence Yun, chief economist of the National Association of Realtors.
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