Strong job growth, low mortgage rates, and hope are making the housing market have one of its best years in the last ten years. Home sales have risen to the highest level since 2007 because of low mortgage rates. Freddie Mac’s chief economist, Sean Becketti says "Housing got off to a good start in 2017 because low mortgage rates have given the spring home buying season a pleasant surprise.
"Existing-home sales will reach 5.6 million units this year, up about 200,000 units from 2016, and new-home sales of 620,00 units, up from 560,000" NAR Chief Economist Lawrence Yun told thousands of REALTORS® at the Legislative Meetings & Trade Expo in Washington.
He continued "Policy issues coming out of Washington rather than economic factors could have the most consequential impact on home sales over the next few years".
He added "The other reason is the slew of hurdles builders face in getting new homes on the market."
Home sales would be higher but rapidly rising home prices, fueled by low inventories in markets around the country, are keeping sales constrained, he said.
Data indicate no slowdown. Existing home sales in March were the highest since 2007.
In 2017 mortgage originations are expected to rise to more than $200 billion.
Looking to buy or sell a home? Never owned a home and are tired of the astronomical rental rates in San Diego? Whether you are looking to sell fast and for top dollar or to find a home,
For Related Articles Try:
Tips for Organizing a Home Office
4 Chic Styles of Outdoor Seating
(0) comments
We welcome your comments
Log In
Post a comment as Guest
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.