Thepositive recentnews for existing-home sales is predicted to last through the whole year, closing out 2016 as the best year in a decade, according to an economic forecast forum at the 2016 Realtors Legislative Meetings & Trade Expo.
Lawrence Yun, chief economist of theNational Association of Realtors, forecasts existing sales to finish 2016 at a pace of around 5.40 million – the best year since 2006 (6.48 million).
“The housing market continues to expand at a moderate pace in spite of the fact thathome pricesare rising too fast in some areas because ofinsufficientsupply fueled by the grossly inadequate number of new single-family homes being constructed,” said Yun.
“The good news is that pending sales in recent months have remained stable and should support a modest gain in home sales heading into the summer.”
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