We know you’re interested in how our industry is doing as it’s essential to the survival of the National economy:
National Market Update, John Gates, Supreme Lending:
At the National Association of Realtors convention, their chief economist predicted new home sales will hit a 13-year high in 2020, up 11%, to 750,000. Existing home sales, at 5.56 million, will be the highest since 2017.
CoreLogic‘s chief economist reports, “In addition to lower interest rates, personal income grew faster than home prices during the past year,” helping to boost the homeownership rate to its highest level in more than five years.
TransUnion projects a flood of 8.3 million first-time homebuyers will hit the market in the next three years, more than in any three-year period in the last decade. And if economic growth beats expectations, make that 9.2 million.
| Sales of new houses will rise to 13-year high in 2020, NAR’s chief economist saysSales of new homes probably will rise to a 13-year high in 2020 as the U.S. dodges a recession, according to Lawrence Yun, chief economist of the National Association of Realtors. |
Building lot prices reach record high, NAHB saysLot prices reached a record high of $49,500 in 2018, according to the National Association of Home Builders. |