A continued
recovery in housing and rising home prices should provide a cushion to economic
growth this year, offsetting the hampering effects of tax increases and
government spending cuts, according to a monthly economic outlook released
today by economists at Fannie Mae.
A shortage
of homes for sale lead to home price appreciation at the national scale in 2012
and continuing into 2013. Fannie Mae anticipates existing home prices will rise
5.1 percent this year, to a median $186,000, and 3.8 percent in 2014, to
$193,000. Prices for new homes are expected to increase 4.1 percent in 2013, to
a median $254,00, and 3.5 percent in 2014, to $263,000.
They project
that existing-home sales, which were up 9.4 percent last year, will grow by an
additional 6.9 percent this year, to 4.98 million homes, compared to last
month's projection of a 10.5 percent jump this year, to 5.15 million homes.
They estimated existing-home sales will rise 5.5 percent in 2014, to 5.26
million homes, compared to last month's prediction of a 6.2 percent rise.
Nonetheless,
sales of new single-family homes are expected to post stronger growth than
previously predicted in 2013, 18 percent, though slightly lower growth than
anticipated in 2014, 35.8 percent
(Reprint; inman.com/news/2013/04/17)
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