By Daniel Goldstein | MarketWatch
ORLANDO, Fla., (MarketWatch) — The long-expected influx of millennial home buyers may finally occur over the next two years, but a shortage of new entry-level homes will keep inventory tight and prices high, says the National Association of Realtors.
In 2017, sales of existing homes are forecast to grow roughly 2% to around 5.46 million and continue with a more prominent jump of 4% in 2018 (5.68 million), according to the NAR’s chief economist, Lawrence Yun. Yun, who spoke to reporters at the NAR’s annual convention in Orlando, Fla., expects existing-home sales for 2016 to finish at a pace of about 5.36 million — the best year since 2006 (6.47 million). The national median existing-home price is expected to rise to around 4% both this year and in 2017, Yun said.
