If you think 2016 has been a great year for the DFW real estate market, the National Association of Realtors, as well as the Mortgage Bankers Association, Fannie Mae, and Freddie Mac, are all predicting that home sales nationwide will continue to heat up in 2017.
The NAR specifically is projecting existing home sales will reach 6 million next year, which is sightly higher than 2016’s forecast of 5.8 million homes. Both the Mortgage Bankers Association and Fannie Mae and Freddie Mac also have similar projections, with the MDA predicting 5.75 million home sales and Fannie and Freddie forecasting 6.2 million home sales.
According to industry experts behind the projections, a significant amount of Generation Y home buyers who have already delayed home buying are expected to finally enter the marketplace, which should also help keep home and condo sales strong all the way through 2020.
New construction should also continue to rise as well in order to meet the growing demand, which is also expected to be a contributing factor in another strong year for the housing market as we enter and make our way through 2017.