According to the National Association of Realtors (NAR), gradual improvement is expected in the housing market with existing-home sales edging up 4-5%. "Tight mortgage credit conditions have been holding back homebuyers all year, and consumer confidence has been shaky recently," Lawrence Yun, chief economist of the National Association of Realtors said. Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can't continue indefinitely.
"Very favorable affordability conditions will dominate next year as well, which will probably be the second best year on record dating back to 1970."
Hopefully, credit restrictions will ease and allow more homebuyers to take advantage of the current opportunities.
