In one of the most erratic and tumultuous economic years ever, the housing market has remained a bright spot. According to a forecast model, Redfin says it expects home sales to end 2020 on higher than the previous year. The model predicts a total of 6.2 million home sales before the end of the year, three percent more than in 2019 and the most home sold in any year since 2006.
“Any expectations about the housing market from the beginning of the year – or from the beginning of the pandemic in April, when home sales nearly ground to a halt – have been shattered as low mortgage rates and the desire for additional space drives an uptick in sales,” said Redfin economist Taylor Marr.
The forecast factors in many aspects of the real estate market including mortgage rates, demand for growth and regional trends.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.
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