Each month, as part of the pending home sales release, the latest 2013 Economic and Housing Outlook from NAR Chief Economist Lawrence Yun is also posted. The forecast document looks at economic indicators such as existing home sales, new home sales, housing starts, GDP, payroll jobs and more. Highlights from this month’s outlook:
- NAR projects existing-home sales to rise about 7 percent in 2013, to approximately 5 million sales, which is near the current level of activity.
- The national median existing-home price is forecast to rise nearly 7 percent this year, while mortgage interest rates should remain historically low, but trend up slowly and reach 4 percent in the fourth quarter.
Link to the full forecast PDF can be found here.