At the recent 2016 Realtors Conference and Expo in Orlando, Florida, National Association of Realtors (NAR) Chief Economist Lawrence Yun and Atlanta Federal Reserve President and CEO Dennis Lockhart discussed economic conditions they believe will result in a “net positive” for housing in 2017.
Among those conditions expected to drive those positives for housing next year are more millennials entering the housing market for the first time, increased household formation, and increased demand due to more job creation, according to NAR.
Speaking to a group of realtors and industry guests, Yun and Lockhart discussed both the positives and negatives of the housing sector in 2016.
“The gradually expanding economy, multiple years of steady job creation and mortgage rates under 4 percent all contributed to sizeable interest in buying a home this year,” Yun said. “However, it’s evident that demand and sales slightly weakened over the summer as stubbornly low supply limited buyers’ choices, accelerated price growth and hindered some consumers’ belief that now is a good time to buy a home.”
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