Chief Economist of the National Association of Realtors (NAR) Lawrence Yun is projecting about a 7 percent rise in home sales in 2015. As the primary reasons for this healthy expansion, Yun points to an improving economy, solid job growth, and rising home prices. Additionally, Yun predicts more first time homebuyers entering the market due to the creation of "new mortgage products" and overall housing confidence with home pricing having risen about 25% over the past three years. However, there are potential "speed bumps" as well, including anticipated rising interest rates and lenders being slow to ease underwriting standards.
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