Projected: Home Sales Increase in 2015

Existing-homes sales fore-cast to rise about 7% in 2015 behind a strengthening economy, solid job gains and a healthy increase in home prices, according to National Associations of Realtors Chief Economist Lawrence Yun.

" Home prices have risen for the past three years cumulatively about 25%, which boosts confidence in the market and traditionally gives current homeowners the ability to use their next home purchase.," says Yun. Futhermore, First-time buyers are expected to slowly return as the economy improves and new mortgages products are made available in the marketplace with low downpayments and private mortgage insurance."

 Current-home deals in the Northeast rose 2.5 percent in the final quarter and are 4.1 percent beneath the final quarter of 2013. The average existing single-family home cost in the Northeast was $246,300 in the final quarter, up 2.2 percent from a year prior. 
 
In the Midwest, existing-home deals declined 4.7 percent in the final quarter and are 0.6 percent beneath a year prior. The average existing single-family home cost in the Midwest expanded 6.2 percent to $162,000 in the final quarter from the same quarter a year prior. 
 
Existing-home deals in the South climbed 2.7 percent in the final quarter and are 5.8 percent over the final quarter of 2013. The average existing single-family home cost in the South was $183,500 in the final quarter, 6.2 percent over a year prior. 
 
In the West, existing-home deals fell 6.0 percent in the final quarter and are 0.9 percent beneath a year prior. The average existing single-family home cost in the West hopped 4.8 percent to $299,500 in the final quarter from the final quarter of 2013. 
 
The National Association of Realtors®, "The Voice for Real Estate," is America's biggest exchange affiliation, speaking to 1 million individuals included in all parts of the private and business land commercial ventures