On January 29, 2016, National Association of Realtors® (NAR) reported that nationwide existing homes sales expected to reach 5.34 million, units in 2016, higher 1.5% from 2015. While, the median of existing home forecast to rise 4.0% and 5.0% in 2016. Overall rents expected to increase 3.3% in 2016 from 3.6% in 2015.
Lawrence Yun, NAR chief economist, stated "Overall, while sustained job creation is spurring more activity compared to a year ago, the ability to find available homes in affordable price ranges is difficult for buyers in many job creating areas. With homebuilding still grossly inadequate, steady price appreciation and tight supply conditions aren't going away any time soon."
For more complete information on NAR's home sales forecast for 2016, please CLICK HERE
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