National Association of Realtors chief economist Lawrence Yun is predicting new home sales to reach a 13-year high in 2020, according to a recent HousingWire report.
"Sales of existing homes likely will increase 3.7% to 5.56 million in 2020, the highest tally since 2017, Yun said," according to the report.
"Some loosening in inventory will happen in 2020, and so we expect home sales to rise," Yun said at NAR’s convention in San Francisco. "We’ll see an increase in inventory, but not any oversupply, so home prices should continue to move higher – our hope is in a much tamer fashion."
Yun's calculations could see median home price for a new home to slip 4% to $313,500, according to the report. The report does state that the drop in price could be associated with a shift toward smaller housing projects from builders.
"We need to produce more homes," said Yun.
"If we produce more homes, that is an economic stimulator and that growth will prevent us from going into a recession."
To learn more about Yun's findings and predictions for 2020, click on the image above.