Part 5/9:
As we look to 2025, the projected home sales estimates are optimistic yet cautious. We anticipate a growth of around 5% in home sales, totaling approximately 4.2 million existing home sales. Though sales may increase, the momentum required to achieve figures closer to pre-pandemic levels (around 5 million) seems unlikely without a substantial economic boost affecting buyer confidence and mortgage affordability.
Several factors will influence this sales growth. For instance, demand appears to be consistent with slight rises in new sales each week, which aligns with the broader trend that more contracts are being generated compared to the previous year. However, if mortgage rates spike suddenly, it could halt these trends and create faster declines in sales momentum.