Forecast Calls for Modest Growth in Home Sales for 2015 December 9, 2014 1,222 Views Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: Forecast Home Sales Housing Market IHS Global Insight Servicers Navigate the Post-Pandemic World 2 days ago Forecast Home Sales Housing Market IHS Global Insight 2014-12-09 Tory Barringer About Author: Tory Barringer Sign up for DS News Daily Previous: Survey: Mortgage Professionals Believe Business Is Better Than Last Year Next: DS News Webcast: Wednesday 12/10/2014 The Best Markets For Residential Property Investors 2 days ago In keeping with other recently released predictions, the latest housing forecast from market research firm IHS Global Insight calls for modest growth in home sales in 2015 following what’s been a disappointing year.In her outlook, IHS economist Stephanie Karol focuses on two major trends that have shaped the housing market in 2014: low household formation and diverging trends for new versus existing-homes.According to data from the Census Bureau, the country saw the addition of only 467,000 new households between March 2013 and March 2014, well below the post-recession average of about 600,000 per year.While formations are expected to disappoint again in 2014, Karol predicts next year will see the addition of 1.08 million new households, with economic growth driving up the rate of new formations—and demand for new housing.”As a swell in steady employment joins with rising wages, household formation should climb, boosting homeownership rates,” she said.With demand projected to rise, Karol anticipates homebuilders will respond by ramping up housing starts, closing the massive gap between existing single-family inventory and the unsold stock of new homes (which she estimates at nearly 40 to one) and boosting new home sales up to 480,000.Together, both new and existing-home sales are forecast to rise to 5.34 million annually, the result of improving home equity spurring more homeowners to sell.”As a result, inventories have expanded—and families, who are no longer being consistently outbid by investors with plenty of cash on hand, have entered the market in sufficient numbers to stabilize median price growth in the 4–5 percent range,” Karol said. “Overall, the post bubble-landscape will continue into next year, but with slightly smoother terrain.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Data Provider Black Knight to Acquire Top of Mind 2 days ago Print This Post in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Related Articles Subscribe Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Forecast Calls for Modest Growth in Home Sales for 2015
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