+ Tight supply and affordability issues will ease.
+ Housing starts will increase by 5.3% in 2017 to 1.22 million.
+ To catch up to demand, 1.5 million new homes are needed.
+ Projections of new single-family home sales to total 570,000 for 2016.
+ Projections of new single-family home sales to total 620,000 in 2017.
+ Millennials will begin to affect buying demand.
+ NAR surveys evidence that there’s a strong desire for Millennials to own a home.
+ NAR forecasts that for 2017 that existing-home sales will to grow by 2% to 5.46 million.
+ The NAR forecasts for 2018 are for 4% in 2018 or 5.68 million sales.
+ The national median existing-home price is expected to rise to 4% for 2016.
+ The national median existing-home price is expected to rise to 4% for 2017.
+ NAR expects existing-home sales to finish at 5.36 million, which is the best year since 2006 (6.47 million).
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.