NAR publishes forecasts each month based on the inflow of updated economic data. Here are the latest take-aways regarding the outlook for next year:
- No economic recession in sight. The GDP is expected to rise 2.5 percent in 2012. That is, the income of everyone combined in the U.S. will rise by 2.5 percent.
- The net job creation is expected to be 1.5 to 2 million. The national unemployment rate will slide to 8.4 percent by this time next year.
- The baseline forecast for existing home sales is a rise of 5 percent, while home prices will finally turn positive, albeit by only 2 percent. The total industry commission revenue, therefore, can be expected to rise by around 7 percent.
- New home sales will rise by 16 percent. A stronger comeback is in the cards, after brutal declines during the housing bust years.