U.S. Home Sales Rebound May Stall as Prices and Interest Rates Rise, Business and Industry Trends Analysis

According to the National Association of Realtors (NAR), sales of existing (not new) homes fell from 7.08 million units in 2005 at the peak of the last boom, to 4.12 million in 2008 at the bottom during the last recession.  For 2020, 5.64 million units were sold, and 6.22 million were projected for 2021.  In 2020, a median existing home price of $296,700 was reported, and for 2021, $323,900 was forecasted.  (However, the long-term effects of the Coronavirus pandemic may have a significant effect on 2020 home sales.)  This means that affordability was becoming an issue, as higher prices mean…

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