The U.S Real Estate Market Outlook
03 nov 2018
The United States’ economy is the largest economy when it comes to the nominal gross domestic product, or GDP. In the case of purchasing power parity, the American economy is the second largest in the world.
The American economy is not also impressively large, but experiencing impressive growth. For example, in the second quarter of 2018 the United States’ economy had an exceptional performance . According to an estimate released by the Bureau of Economic Analysis, the economy grew at an annual rate of 4.2%. In fact, this was the highest growth rate recorded by the US economy since the third quarter of 2014.
The American real estate industry has been a major contributor to the country’s impressive economic growth, generating billions of dollars in revenue annually. This also gives investors ample scope to earn higher profits. In 2017, about 210,000 real estate brokers, who were operating within the residential administration field, together contributed about $ 200 billion in revenue.
The above figures clearly indicate that the American real estate market is continually growing and constantly maturing. In fact, the North American real estate market experienced major market transformations in 2017. In 2017, about 5.51 million existing homes were sold in the United States. For 2018, it is forecasted that existing home sales will reach 5.5 million. The growth is expected to continue into 2019 with an expected increase of 5.67 million sales.
Evidence of this impressive growth can be found here in Orlando, Florida. Real estate experts predict that the Orlando real estate market will increase from a forecasted 28% by 2020 to 35% by 2021. Growth in this sector is not solely limited to home sales; recently released trends suggest there is also a high demand for rental apartments in the Orlando region. In conclusion, there will always be a demand for new homes, offices, and other properties in the United States. Today, however, forecasts are suggesting the American real estate market will continue to grow and mature at an exceptional rate in the coming years.