Expect 2015 to be the best year for home sales and new home construction since 2007, Freddie Mac says in its March 2015 U.S. Economic and Housing Market Outlook.
Freddie Mac forecasts home sales this year to exceed the 5.8 million from eight years ago.
"This month kicks off the spring homebuying season. Between now and the end of June, we'll see about 40 percent of all home sales for the year,” says Freddie Mac Deputy Chief Economist Len Kiefer. “So these next few months will essentially tell us whether or not 2015 will be a good or bad year for housing markets.”
Moreover, Freddie Mac projects improved job prospects, which will drive those aged 25-35 back to the labor force, with 76.8 percent employed as of last month.