What are the housing expectations for the remainder of 2015? From what I am reading and hearing, there is nothing to worry about. According to a story in The Wall Street Journal; “Home Sales to Hit Highest Level Since 2006, Realtor Group Says.”
That Realtor Group is none-other than the National Association of Realtors®, reporting “existing homes sales this year are expected to hit levels not seen since just after the peak, in 2006, driven by strong job growth, low interest rates and a gradual loosening of lending standards.”
In his mid-year forecast, the association’s chief economist, Lawrence Yun, said he expects home sales to end up around 5.3 million in 2015, which is a significantly more than the 4.9 million sales in 2014.
A spike in interest rates early last year, and poor wage growth dampened the 2014 market. But, Yun and other experts say early results this year point to an increase in home sales. That increase includes sales in the first few months, foot traffic at homes on the market and strong job growth.
“There is sizeable pent-up demand,” Yun said in an interview. He expects existing-home sales to rise about 7% in 2015 behind a strengthening economy, solid job gains and a healthy increase in home prices.
Meantime, Robert Dietz, vice president of tax and market analysis at the National Association of Home Builders, said that he anticipates at the end of the year, 2015 will mark the first time during the recovery that the growth of single-family homes exceeds apartment starts. That would be a significant shift for a recovery that has been driven by a boom in rental construction while single-family home construction has grown less robustly.
I am happy to share this good news in housing expectations for the remainder of 2015 as well as share insider information on quiet offerings of wineries, vineyards, estates, new construction and homes in Napa Valley. Please contact me at 707-738-4820 or email [email protected] to discuss the extraordinary properties that are not available on the open market or to get moving on selling your home in this beautiful part of the world.
