NAR Chief Economist Lawrence Yun, at the 2024 Realtors® Legislative Meetings, said home sales will rise in eight of the next 10 years.
WASHINGTON – National Association of Realtors® Chief Economist Lawrence Yun forecasts that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023) and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024) – with further gains in eight of the next 10 years – during the Residential Economic Issues & Trends Forum at NAR’s 2024 Realtors® Legislative Meetings.
Yun also explained that rents will calm down further, which will hold down the consumer price index (CPI) and make the Federal Reserve cut interest rates.
Yun said that based on April’s employment data, there are six million more jobs compared to the pre-Covid highs, and jobs are boosting home prices.
“We had a massive budget deficit while experiencing a good economy, meaning low unemployment,” said Yun. “People may get used to permanently high inflation, and people will be looking for an inflation hedge. Real estate is proven.”
© 2024 National Association of Realtors® (NAR)