New Home Sales Predicted to Rise10 Percent in 2017 New Home Starts Anticipated to Increase 3 Percent Realtor.com has issued its 2017 prognostication for new home sales, existing home sales and new home starts, among other economic predictions with a direct bearing on the overall housing market. New home sales are forecast to expand by 10 percent, while new home starts are expected to grow 3 percent, according to Realtor.com and its forecast of the overall housing market in 2017.Home prices should grow 3.9 percent, and existing home sales are forecast to increase 1.9 percent to 5.46 million homes, Realtor.com said. The homeownership rate should stabilize at 63.5 percent, after being at 62.9 percent in 2016.Realtor.com has also forecast GDP growth of 2.1 percent, a 2.5 percent hike in the consumer price index and unemployment declining to 4.7 percent by the end of 2017."We don't expect the outcome of the election to have a direct impact on the health of the housing market or economy as we close out 2016." said Jonathan Smoke, chief economist for Realtor.com. "However, the 40 basis points increase in rates in the days following the election has caused us to increase our interest rate prediction for next year. With more than 95 percent of first-time homebuyers dependent on financing their home purchase, and a majority of first-time buyers reporting one or more financial challenges, the uptick we've already seen may price some first-timers out of the market." Sign up to receive Landscape Architect and Specifier News Magazine, LA Weekly and More... First Name* Last Name* Company Name* EMAIL* PHONE NUMBER* Title* I Am A* I would like to subscribe / opt-in to receive: LASN Magazine Subscription LA Weekly LASN Digital Magazine LASN Calls for Editorial Targeted Vendor Promotions PLEASE VERIFY YOUR EMAIL ADDRESSAn email with your verification code has been sent toInvalid Verification CodePlease enter the Verification Code belowThank you .Your email has been verified and you are almost done subscribing to Landscape Architect and Specifier News.Next step in 4 .Enter Your Mailing Address LASN is happy to send your magazine to your Home or Office. Select the Product Categories below to receive information and special offers from vendors who supply those products. No thanks, I don't want to select any products Thank YouCongratulations You are now subcribed to LASN. You can also search and download CAD files and spec sheets from LADetails.
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