Realtor.com: Forecast strong for 2015 housing market [VIDEO]
Posted on Monday, December 29, 2014 at 10:44:10 AM
If you are on the lookout for a strong housing market in 2015, then you have a number of reasons to be optimistic.
According to a recent forecast from Realtor.com, the new year is shaping up to be a good one, thanks to quality trends set forth in 2014. Those improvements include low residential financing rates and a better economy, among other factors.
"Many of the gains that we recently predicted in the Realtor.com 2015 Housing Forecast are built on housing growth established in 2014," explained Jonathan Smoke, chief economist for Realtor.com. "Overall, this year's housing market showed steady advances over 2013 with significant improvement in key housing metrics, despite some remaining challenges."
The possible headwinds outlined by Realtor.com range from tighter lending standards to a dearth of first-time homebuyers entering the market.
In addition, the National Association of Realtors reported that existing-home sales dropped recently as well, down from October to November. The total number of transactions dropped 6.1 percent to 4.9 million units.
Lawrence Yun, chief economist at NAR, explained that an unstable stock market and an increase in home values may have contributed to the decline in existing-home sales for the month.