U.S. home sales in 2016 will hit their highest levels since the bubble year of 2006, says Jonathan Smoke, chief economist at Realtor.com.
“2016 will be the best year in a decade,” Smoke said Thursday in Miami Beach during the annual conference of Leading Real Estate Companies of the World.
Smoke projects 5.4 million home sales this year, up 3 percent from last year. He says the combination of rock-bottom mortgage rates and an improving job market will spur sales.
“People are doing well in this economy” Smoke said. “Consumers are confident, and they’re planning to buy homes.”
In another sign of a potential upswing in home sales, Realtor.com counted more than a billion searches on properties on its site in January, Smoke said.