REALTORS® Are Optimisitc About Home Sales in 2015
Lawrence Yun, the National Association of Realtor’s chief economist, unveiled his housing market forecast for 2015 and 2016 at the Realtor association’s annual conference in New Orleans last week. Yun predicts that sales of newly built single-family homes will surge by 41% to 624,000, as reported in the Wall Street Journal article by Kris Hudson.
There's also positive forecasts from the National Association of Home Builders that predicts a 24.3% increase to 547,000 sales in 2015. The NAR economists are more bullish on the 2015 forecast partly because of the increased sales momentum in recent months.
Yun believes the key to increasing new home construction is the return of the first-time and entry-level buyer. Yun explained that 57 million Americans, or roughly 18% of the population, live in multi-generational homes. Many of those are adults living with their parents. “Trust me, that is not their American dream,” he said. “This is the source of all pent-up demand for the future of home buying.”
The Wall Street Journal also reports that Mr. Yun’s forecast calls for a 7.3% increase in sales of existing homes in 2015 to 5.3 million, cooling to a 1.6% gain in 2016. Similarly, he sees the gain in new-home sales going from 41% in 2015 to 12.2% in 2016. The rise in interest rates will slow the rate of growth, but it'll still be improved over current levels.
East West Communities, award winning community developers of The Riverfront at Harbour View and Founder Pointe in the Hampton Roads area and Hallsley in Midlothian, has seen an big increase in home sales in recent months. All three communities are in the process of opening new sections within their communities and have fully furnished models under construction with all new strategic models to be featured for sale and available for the early spring market.
Discover the best in lifestyle communities at Founders Pointe, Liberty Ridge, and The Riverfront at Harbour View. East West is also celebrating its 25th anniversary of Gatling Pointe and the Gatling Pointe Yacht Club, a riverfront club/restaurant and pool complex with a 68 slip marina adjacent to the town of Smithfield, Virginia. Visit an East West Realty Sales Center today.