Lawrence Yun, chief economist for NAR, predicts a significant rebound in home sales, forecasting a 9% increase in 2025 and another 13% in 2026, driven by job growth and mortgage rate cuts.
During the annual NAR NXT conference, Yun emphasized that home sales are largely dependent on employment and mortgage rates, stating, 'When more people work, they have the capacity or they're in a better position to buy a home.'
The Mortgage Bankers Association anticipates a sluggish economy, projecting GDP growth will fall from 3.2% in 2023 to just 2.3% in 2024, contributing to mixed signals for residential investment.
Yun also expects mortgage rates to drop, predicting four separate cuts in 2025, highlighting their crucial role in determining the future trajectory of the housing market.
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