Despite existing-home sales dropping last November, the National Real Estate Market is primed for expansion in 2016.
Here’s why. Better weather in many parts of the country resulted in an increase in single-family and multifamily home construction. Also, the population of millennial home buyers is expected to grow in 2016.
This means increased demand to help the housing market see positive gains. With unemployment steadily decreasing, orders for new durable goods increasing 3 percent, inflation staying level, and income beginning to grow, the Fed decided to raise interest rates. The rate increase signals that our economy is getting stronger.
So, don’t let the drop in existing-home sales in November fool you, with a stronger economy home sellers can expect eager home buyers in 2016.