ORLANDO, Fla., Nov. 4, 2016 /PRNewswire/ -- More millennials entering their prime homebuying years, rising household formation, and continued job gains boosting overall demand are expected to be behind the slight increase in existing-home sales in 2017, according to a residential housing and economic forecast session here at the 2016 REALTORS® Conference & Expo.
Lawrence Yun, chief economist of the National Association of Realtors ®, presented his 2017 housing and economic forecast and was joined onstage by Dennis Lockhart, president and CEO of the Federal Reserve Bank of Atlanta, who discussed the economic conditions that he believes support what will be a "net positive" for the housing sector. Heading into the final months of data for 2016, Yun expects existing-home sales to finish at a pace of about 5.36 million - the best year since 2006 (6.47 million). In 2017, sales are forecast to grow roughly 2 percent to around 5.46 million, and then with a more prominent jump of 4 percent in 2018 (5.68 million). The national median existing-home price is expected to rise to around 4 percent both this year and in 2017.