Job gains and improving household confidence are expected to guide existing-home sales to a decade high in 2017, but supply and affordability headwinds and modest economic growth are holding back sales and threatening to keep the nation’s low home-ownership rate subdued, according to speakers at a residential real estate forum here at the 2017 REALTORS® Legislative Meetings & Trade Expo.
Lawrence Yun, chief economist of the National Association of Realtors, presented his 2017 midyear forecast and was joined onstage by Jonathan Spader, senior research associate at the Joint Center for Housing Studies at Harvard University, and Mark Calabria, chief economist and assistant to Vice President Mike Pence. Spader’s presentation addressed past and projected movements in the home-ownership rate, and Calabria dove into why reversing weak productivity and the low labor force participation rate are necessary to boost the economy.
