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Home-Sales Pace Seen Easing in 2018

The reduced tax benefits of homeownership could be a boon for the apartment sector next year, at least on the rental side.

By Paul Bubny | Updated on December 27, 2017

National Association of Realtors economist Lawrence Yun “New buyers coming into the market are finding out quickly that their options are limited and competition is robust.” says NAR’s Yun.

WASHINGTON, DC—Existing-home sales and price growth in the single-family sector, including for-sale apartments, are expected to slow in the coming year, the National Association of Realtors said Wednesday. The forecast of a slowdown is due mainly to homeowners’ diminished ability to claim deductions under the tax reform bill signed into law last week by President Trump.

By the numbers, NAR expects existing-home sales to finish 2017 at around 5.54 million, up 1.7% from the year prior. The national median existing-home price this year is expected to increase around 6% year over year. For 2018, though, the association expects a slight decline—0.4%—to 5.52 million, and Y-O-Y price growth to moderate to around 2%.

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