According to this recent article I was reading, the United States is poised for solid growth in 2015, which in turn is leading to job creation and increased home sales.
Evidently, as a result, the National Association of Realtors forecasts that existing home sales will reach 5.3 million, which is up more than half a million over 2014.
Meanwhile, the national median home price is expected to rise too, but at only 4 percent, to just under $216,000.
If you’re considering entering the market anytime soon, continue reading to learn more about the current state of the housing market.
What Buyers and Sellers Should Know About the Market
Here’s an overview of what else is being predicted for the national housing market during the rest of 2015:
- More renter households are expected to enter the market as buyers after seeing rental growth rates hit a seven-year high.
- Households that were forced into foreclosure could start coming back on the market too.
- Mortgage interest rates are expected to top out just below 5 percent this year.
- On the commercial side, continued improvements in absorption rates and rent growth are projected.
- Globally, GDP growth is expected to be around 2.7 percent in 2015 and around 2.9 percent in 2016.
- Existing home sales is expected to be 5.3 million in 2015 and 5.4 million in 2016.
- Meanwhile, new housing starts are expected to be about 1.3 million units in 2015 and 1.4 million units in 2016.
- And the media home price is expected to be $215,900 in 2015 and $225,300 in 2016.
- Meanwhile, the federal funds rate is expected to be 0.4 percent in 2015 and 1.6 percent in 2016. At the same time, the 30-year mortgage rate is expected to be 4.9 percent in 2015 and 6 percent in 2016.
Another Encouraging Sign for the Market
Recent data indicates that the market has seen steady gains for existing home sales over the last several years, and that that trend will continue:
- 2009: 3,820,000
- 2010: 4,190,000
- 2011: 4,260,000
- 2012: 4,660,000
- 2013: 5,090,000
- 2014: 4,937,000
- 2015: 5,295,000
- 2016: 5,380,000
We Can Help With Your Next Sarasota Housing Market Transaction
As you can see, things are going very well right now for the spring home buying market. And those positive trends are only expected to continue.
I would love to assist you by answering any questions you might have as well as providing you with some valuable resources!
Until next time,