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Last updated on February 2nd, 2021 at 05:34 pm
More than 20 top U.S. economic and housing experts conducted a survey and according to them, the economic rebound with improvements in job conditions and stable interest rates are likely to continue in 2021.
The National Association of Realtors conducted this survey, In the survey, they addressed many housing and economic related affairs also predicted 2021 housing starts, new and existing home sales, and mortgage rates.
Lawrence Yun, chief economist and senior V.P/research for the Washington, DC-based NAR said, in spite of 2020 being filled with challenges and surprises yet the housing market development has shown excellent results with a futuristic goal of how a home should be in a new economy with flexible work-from-home schedules and of course the record low mortgage rates.
According to NAR with the highest annual mark since 2006 existing-home sales will reach 5.52 million by the end of 2020. The median home price has set a record high of $293,000.
NAR also predicted average annual 30-year fixed mortgage rates for the years 2021 and 2022 as 3.0% and 3.25% respectively. Housing stats of 1.50 million in 2021 and 1.59 million in 2022 were also forecasted.
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