Wondering what is in store for the nation’s housing market next year? Expect another upbeat year for residential real estate, according to the National Association of Realtors. The association predicts home prices and sales will continue to increase in 2014.
All economic signs point to a continued housing recovery nationwide, according to Lawrence Yun, chief economist of the National Association of Realtors. Yun predicts the national median existing-home price to increase by a healthy 6 percent in 2014. Existing-home sales are forecast to hold steady at about 5.12 million in 2014, with new home sales expected to reach 508,000 next year, up from 429,000 in 2013.
What’s in store for the Philly housing market? In the Philadelphia metro area, the housing recovery continues to gain strength. Home sales and prices are rising, and that trend is expected to continue next year. Mortgage rates are expected to rise in 2014, but are forecast to remain near historic lows. All in all, 2014 will be a great year to buy or sell a home.
What are you waiting for?