The forecast for home sales looks strong thanks to improvements in the job market and wage growth, but the “nowcast” for home sales this month is expected to fall somewhere between seasonally adjusted annual rates and annual sales.

The forecast for home sales looks strong thanks to improvements in the job market and wage growth, but the “nowcast” for home sales this month is expected to fall somewhere between seasonally adjusted annual rates and annual sales.

According to Auction.com LLC’s monthly Real Estate Nowcast, existing-home sales for the month of June will fall between seasonally adjusted rates of 5.4 million and 5.74 million annual sales, with a targeted number of 5.57 million.

That’s an increase of 4.1 percent from May 2015, and an 11.2 percent increase from the same period last year, Auction.com said.

nowcast-june-2015

Auction.com’s May Nowcast point estimate of 5.31 million beat the consensus estimate of 5.25 million. The online real estate marketplace’s figures are in line with the National Association of Realtors, which recently released its assessment of existing-home sales data for May and reported that sales were at 5.35 million units, a 5.1 percent increase from April’s sales and up 9.2 percent from the same period a year ago.

Auction.com’s Real Estate Nowcast combines industry data, proprietary company transactional data and Google search activity to predict market trends as they are occurring.

nowcast-june-2015-2

“It certainly appears that the housing market is now on firmer ground, and Google search data and Auction.com data are both signaling further strengthening this month,” said Auction.com Chief Economist Peter Muoio.

“Housing turnover is increasing, prices are strengthening and additional sellers are tiptoeing into the market. As long as the labor market continues to gain steam and confidence is not derailed, housing sales and prices could settle into a virtuous, self-reinforcing cycle.”

Email Amy Swinderman.


Inman Connect San Francisco is right around the corner — register now and save $200!

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription