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As COVID-19 progresses, the economic expansion is starting to unravel, bringing down home sales this year, according to new projections released Wednesday.
The Fannie Mae Economic and Strategic Research Group forecast 14.7 percent less sales this year, along with 9.3 percent fewer housing starts, as a result of the virus, its economic impact and social turmoil. Based on their projections, existing-home sales should sink to 4.54 million this year, down from 5.34 milli...
All signs indicate another successful 2020. Increases in total jobs, existing home sales, median home price increase, new housing starts and a slight increase in the 30-year mortgage rates are heading our way.
With inventory still stubbornly tight, existing-home sales sank 1.7 percent, according to the June National Association of REALTORS® report, newly released. Compared to June of last year, sales underwhelmed, down 2.2 percent.
We're in familiar territory, according to Lawrence Yun, chief economist at NAR.
"Home sales are running at a pace similar to 2015 levels—even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country," says Yun. "Imbalance persists for mid- to lower-priced homes with solid demand and insufficient supply, which is consequently pushing up home prices."
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