A group of top economists forecasted a 29 percent probability of a recession, the U.S. economy will continue to expand and real estate prices will go up, according to the National Association of REALTORS® (NAR) Wednesday.
The predictions happened at the NAR’s Washington, D.C. headquarters for the first Real Estate Forecast Summit.
“Real estate is on firm ground with little chance of price declines,” said NAR’s Chief Economist Lawrence Yun. “However, in order for the market to be healthier, more supply is needed to assure home prices as well as rents do not consistently outgrow income gains.”
“Residential and commercial real estate investment remains attractive as we approach the start of a new decade,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “Increased home building can serve as a stimulator for the overall economy, and we strongly encourage more homes to be built as buyer demand remains strong.”
