“Buyers are coming back in force”

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That quote comes from Lawrence Yun, chief economist at the National Association of Realtors (NAR), following publication of the NAR’s Economic and Forecast Update.

Highlights of the report include:
– Existing home sales in May were the highest since 2009, when there was a homebuyer tax credit
– Pending home sales hit a 9 year high
– New home sales hit a 7 year high
– Housing permits for new homes hit an 8 year high
– and

First-time buyers

There remains a housing shortage, while mortgage rates are forecast to increase to over 5% next year. These factors should contribute to a steadily rising housing market in the second half of 2015.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

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