Home Sales Are at an 8-Year High. What Next?
Job creation and an upturn in mortgage lending boosted consumer confidence, which in turn boosted sales. Will the numbers keep going up?
By 2017, total home sales will reach 6 million, chief property economist for Capital Economics Ed Stansfield told HousingWire. “That would be the strongest performance of home sales in 10 years.”
Stansfield adds that events domestic and abroad won’t have any negative affect on the market.
“The U.S. economy and financial system’s links with Greece are minimal, while exports to the entire EU accounted for just 1.5% of US GDP last year. As a result, further turmoil in the region – even a Greek exit from the euro-zone – is unlikely to throw the economy off course,” Stansfield adds. “What’s more, beyond a temporary impact on investor sentiment, the slump in China’s equity market is unlikely to have much effect on the US economy either.”
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