photo from grandhomes.blog.com
National Association of Realtors® Chief Economist Lawrence Yun tells that existing homes sales are to expand in a more moderate pace in 2016. This is because of affordability pressure and meager economic growth. Yun points to pent-up demands, sustained job growth and improving conditions as his reason for an expected gain from 2015.
Based on the article by NAR posted last January 12, 2016, Yun expects total existing-homes sales to finish the year up 6.5 percent from 2014 at a pace of around 5.26 million —the highest since 2006, but roughly 25 percent below the prior peak set in 2005 (7.08 million). The national median existing-home price for all of 2015 will be close to $221,200, up around 6 percent from 2014. In 2016, existing sales are expected to grow between 1 and 2 percent (5.30 to 5.40 million) and prices between 5 and 6 percent.
To further understand what to expect in Home Sales this year. NAR has provided an Infographic showing the housing outlook on Existing Home Sales, Median Home Prices, Mortgage Rates and Job Growth. It also shows the GDP percentage and the Potential Speed Bumps.
Provided here is the link to watch the full interview of Lawrence Yun.