Home sales and prices in Ohio should increase more than in the nation as a whole this year, a national economist told a group of real-estate agents yesterday.
Lawrence Yun, the chief economist with the National Association of Realtors, delivered his bullish forecast to more than 200 agents gathered at the Ohio Association of Realtors’ winter conference at the Columbus Hilton at Easton.
Yun predicted that home values could rise 15 percent and home sales will rise more than 20 percent during the next three years across the nation.
Ohio, however, is poised for a stronger showing because it has so far lagged behind the nation’s recovery, he said.
“I would not be surprised if Ohio outperformed the rest of the country in 2013 and 2014 in terms of home prices and sales,” he said.
Yun said he based his forecast on several factors, including a pent-up demand for housing, anticipated job growth and a shortage of homes for sale — which is contributing to a rise in prices.
Perhaps the biggest reason, though, is an anticipated growth in household formation. The number of new households has been exceptionally low the past five years as children moved in with parents and renters doubled up for financial reasons. Between 2007 and 2011, about half a million households were created each year, roughly half the traditional average.
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