By Lawrence Yun | June 2011
Chief Economist-National Association of Realtors
The first quarter ended with decent home sales activity… but the rest of the year should be even better. Here’s why.
The first quarter ended with decent home sales activity, with existing homes selling at an annualized pace of 5.1 million. The remainder of the year should be better still for the following reasons:
•Rising stock market wealth
•Rising apartment rents
•Continuing high affordability conditions
•Home values at historically justifiable levels
•Investors looking to hedge against inflation
•Foreigners buying U.S. homes on the cheap
Other potential contributing factors, although they’re not happening yet, are huge bank profits translating into more desire to lend and some reduction to market friction as lenders’ short sale approval processes improve and appraisals become less of an issue.
So, if existing-home sales either hold at the 5.1 million pace of the first quarter or improve on that, then the annual sales tally will easily exceed the 4.9 mil-lion home sales we saw last year.
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