long with tulips and daffodils, "For Sale" signs soon will be popping up on neighborhood lawns. An improving U.S. labor market is expected to spur increased home sales in 2015, so if you've been wanting to sell your home, low interest rates and tight inventory levels should create an attractive environment.
"With the improving economy, we will see more people leaving their parents' homes. Living in your parents' basement isn't part of the American dream," says Lawrence Yun, chief economist at the National Association of Realtors. "Nearly three million new jobs were created in the last 12 months, and that provides incomes for families and confidence for making long-term decisions."
The NAR forecasts a jump in existing home sales in 2015 to 5.25 million, an increase from 4.93 million sales in 2014. The national median existing-home price was $208,500 in 2014, a 5.8 percent increase from 2013. Yun forecasts the median home price to rise again in 2015 to $218,300.
Inventory levels, or the number of homes for sale, remain tight, which could give sellers an edge. "For most of 2014, inventory stood at 4.5 to 5.5 months of supply. That compares with a more balanced market of 6 to 6.5 months' supply," Yun says.
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