Economists at the National Association of Realtors say that home sales will continue to grow next year but will face headwinds, The Wall Street Journal reports.
Hurdles include a lack of first-time buyers and rising mortgage rates. Lawrence Yun, the association’s chief economist, projects median home prices to grow at an annual rate of 5 percent compared to 6 percent of this year.
Moreover, sales for existing homes are projected to pass 5.4 million, compared to an estimated 5.3 million homes sold in 2015.
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