The National Association of Realtors (NAR) has revised its existing and new-home sales forecasts for the upcoming years, projecting 2025 existing-home sales at 4.3 million, down from earlier forecasts. The NAR's new growth forecast for new-home sales also decreased, reflecting market challenges like affordability issues. Nevertheless, Chief Economist Yun remains optimistic, stating that the worst for home sales and inventory is over. February's report indicates existing-home sales aligning with revised predictions, suggesting market stabilization, despite upward adjustments in home price growth expectations from 2% to 3% and 4% for 2025 and 2026, respectively.
NAR has revised its forecasts downwards for home sales, reflecting market challenges, while still maintaining an optimistic outlook for growth in 2025.
Despite revisions, Yun emphasized that the worst period for home sales and inventory is over, with several positive factors supporting future market opportunities.
Strained affordability remains a significant barrier for home sales, which has led to upward revisions in home-price growth expectations for the coming years.
Existing-home sales figures from February align closely with NAR's revised projections, indicating a market that is stabilizing amidst the predicted uncertainties.
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