Real Estate News

What the 2017 housing sales figures say so far

Published: 22 May 2017

With June not far away, the middle point of 2017 is almost here. That gives professionals a chance to reflect on the market trends so far, as well as the most likely paths home sales and other market figures will take. On May 18, the National Association of Realtors released a statement on its Midyear Forecast, which showed some positive patterns, with high sales and conditions for more development.

Despite some concerns over low inventory, slow response from younger buyers, unsure construction rates and other factors, the statement overall seemed to reference some of the ways the year could see growth and good sales overall. It did note that the year's results could finish being the strongest in more than a decade.

Other sources are also looking ahead to a possible surge for housing. A May 16 statement from Fannie Mae said that the year's second quarter is thought to bring a potential "rebound," with an expected 2 percent growth rate. Doug Duncan, the organization's chief economist, acknowledged the challenges to growth while also asserting confidence.

Once again, our full-year growth forecast remains intact as the economy grinds along, with the prospect of material policy changes appearing to be delayed," He said. "We expect consumer spending to resume its role as the biggest driver of growth in the second quarter amid improvements in the labor market."

Duncan added that low inventory is still making it hard for new owners to buy into the market, even if it does prove good for competitive home prices.

Housing Wire reported on the Mortgage Bankers Association National Secondary Market Conference and Expo, where Duncan also appeared. In this setting, he predicted a 30 percent chance of a recession, as well as the difficulties of building new housing in urban areas.