Existing-home sales are expected to retain the healthy gains seen this year, while prices will stay on an uptrend in 2014, according to a forecast presentation at a residential forum during the 2013 Realtors® Conference & Expo.
Lawrence Yun, chief economist of the National Association of Realtors®, said existing-home sales have shown a 20 percent cumulative increase over the past two years, while prices have gained 18 percent, but incomes have risen only 2 to 4 percent in the same timeframe.
“We’ve come off of record high housing affordability conditions in the past year, and are now at a five-year low, but conditions are still the fifth best in the past 40 years,” Yun said. “While the median-income family in many areas will still be well positioned to buy a home in 2014, income is barely budging given growth in consumer prices.”
Read the full report at Realtor.org.