Chief Economist Lawrence Yun recently unveiled updated forecasts for the housing market in the coming years. To say the least, it is far from frightening.
The most important thing to note here is that the prediction is for a decline in volume and units sold, NOT the median home price. As a matter of fact, home prices on average are expected to continue to rise, just at a slower rate than when we have seen in the past two tears.
Why don't we expect to see a dip in home prices? One simple easy answer: inventory. While inventory has risen from the past two years, the benchmark during that period was extremely low. The rise we have seen recently is actually indicative of a healthy, stable, sellers' market.
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