"By Michael Fenner,
Pending home sales increased 0.8 percent in November 2014 from October, according to the National Association of REALTORS®. This is the third straight month that pending sales were higher year-over-year, and three of the nation’s four regions recorded a slight gain in November, with only the Midwest logging a slight decline.
"The consistent economic growth and steady hiring we've seen the second half of [2014] is giving buyers enough assurance to consider purchasing a home," says Lawrence Yun, NAR chief economist. "With rents now rising at a seven-year high, historically low rates and moderating price growth are likely to entice more buyers to enter the market in upcoming months."
NAR expects total existing-homes sales to decline 3.0 percent in 2014 to 4.94 million, but sales are projected to rebound to 5.30 million in 2015. The national median existing-home price for all of 2014 will be close to $208,000, up 5.6 percent from 2013, although appreciation is expected to slow somewhat in 2015."
"The consistent economic growth and steady hiring we've seen the second half of [2014] is giving buyers enough assurance to consider purchasing a home," says Lawrence Yun, NAR chief economist. "With rents now rising at a seven-year high, historically low rates and moderating price growth are likely to entice more buyers to enter the market in upcoming months."
NAR expects total existing-homes sales to decline 3.0 percent in 2014 to 4.94 million, but sales are projected to rebound to 5.30 million in 2015. The national median existing-home price for all of 2014 will be close to $208,000, up 5.6 percent from 2013, although appreciation is expected to slow somewhat in 2015."
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