Fannie Mae 2010 Market Predictions
Earlier this month, Fannie Mae released their predictions for the 2010 housing market. Our trust level with the mortgage giant is a little low due to their troubled year… Nevertheless, their 2009 predictions were not too far off so we will give them a break.
The Skinny
Fannie is predicting double digit home sales and new construction sales in 2010 compared to the 09 slumber. Existing home sales are predicted to rise by 10% next year while only gaining 3.1% nationally this year. New home sales are predicted to rise by 26% compared to a 19% drop in 09.
These numbers are national numbers. In the Northern Virginia market, I can only assume that sales will continue to remain strong as we have seen over the last 6 months. We have already seen an increase in new home sales as existing home sale inventory is at a low. The important principle to remember when hearing national statistics is that real estate is local… We were very fortunate to not hit the lows that many areas hit.
