Slightly queuing Forest Gump here, but the housing market this summer can be summed up with the following phrase: “steady is as steady does.”
We reported this morning that pending home sales in July increased (0.5%) for the sixth time in seven months. July’s index reading of 110.9 is 7.4% above July 2014 and is the third highest reading of the year, behind April and May.
Looking ahead, despite consumer anxiety about the recent volatility in the stock market, NAR chief economist Lawrence Yun expects home sales to maintain their steady pace in the months ahead.
Why? Two things: the U.S. economy is growing (3.7% in Q2, according to the Commerce Department) and the labor market continues to add jobs.
Below are some of NAR’s updated 2015 forecast figures:
Existing-home sales: 5.30 million (up 7.1% YoY)
New single-family home sales: 530,000 (up 20.8% YoY)
Existing-home prices: $221,400 (up 6.3% YoY)
New home prices: $289,500 (up 2.4% YoY)