The housing market has been off to a roaring start this spring. In fact, the market is performing so strongly that the National Association of REALTORS® has upgraded its forecast for the year.
At the start of the year, home sales were expected to match last year’s pace due to higher mortgage rates and diminishing affordability. But the market is hardly slowing down, notes Lawrence Yun, NAR’s chief economist. He now predicts existing-home sales to rise by 3.5 percent, and home prices likely will increase 5 percent this year.
