Following two years of declines, home sales are poised to bounce back next year. At least according to one industry professional.
Lawrence Yun, the chief economist for the National Association of Realtors, expects home sales to rise 15% next year.
“Pent-up sellers cannot wait any longer. People will begin to say, ‘life goes on,’” Yun said on Wednesday. “Listings will steadily show up, and new home sales will continue to do well. Existing home sales will rise by 15% next year.”
In addition to demand, Yun expects that interest rates will fall to 6-7% by the spring, leading more home sellers to enter the market.
Home sales fell 17% nationally in 2022 and are expected to drop 18% this year.
This article originally published at https://dc.urbanturf.com/articles/blog/nar_economists_says_home_sales_will_rise_15_in_2024/21692.
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