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2014 Housing Market Outlook: Sales Steady, Prices Up

By Lawrence Yun, Chief Economist, NATIONAL ASSOCIATION of REALTORS®

Since the height of the housing bubble, the number of renter households has grown by 5.5 million while the number of home-owning households has fallen by 1.5 million. This shift has pushed the homeownership rate down to 65 percent from the peak of 69 percent several years ago. While adjustments were clearly needed, excessively tight underwriting standards of recent years have held back a number of solid renters from realizing their dream of homeownership.

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