Skip to main content

Home Sales to Rise in 2019

Phil Hall
Nov 05, 2018
Home sales will inch up in 2019 while prices rise at a slower pace, according to a new forecast from the National Association of Realtors (NAR)

Home sales will inch up in 2019 while prices rise at a slower pace, according to a new forecast from the National Association of Realtors (NAR).
 
NAR Chief Economist Lawrence Yun expected existing-home sales will finish 2018 with 5.345 million transactions, down from last year’s 5.51 million, and he predicted next year’s sales will increase by 1 percent to 5.4 million. Yun also expected the national median existing-home price is expected to rise to approximately $266,800 in 2019, a 3.1 percent increase from this year, with the price going further to $274,000.
 
“Ninety percent of markets are experiencing price gains while very few are experiencing consistent price declines,” said Yun. “The year 2017 was best year for home sales in 10 years, and 2018 is only down 1.5 percent year to date. Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years.”
 
But Yun added that his forecasts were predicated on an increase in home production.
 
“All indications are that we have a housing shortage,” Yun continued. “If you look at population growth and job growth, it is clear that we are not producing enough houses.”
 
On the bigger picture, Yun defined the national economy as “good” with record low unemployment and increasing wages.
 
“This type of activity in the economy should support the housing market, even as interest rates rise,” said Yun.


 
Published
Nov 05, 2018
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021