Realtor.com: Home Sales In 2016 To Reach 6 Million For The First Time Since 2006

(RTTNews) - Total sales for existing and new homes will reach 6 million for the first time since 2006, the 2016 housing forecast issued Wednesday by realtor.com said. This is as a result of a strong gross domestic product increase of 2.5 percent and continued job creation.

realtor.com is a destination of online real estate services operated by News Corp. (NWS, NWSA) subsidiary Move, Inc.

The forecast also identifies the top 10 markets for growth, as well as expectations for home prices and sales, interest rates and new home sales and starts.

According to realtor.com, housing market in 2016 is expected to be a picture of moderate, but solid growth as acceleration in existing home sales and prices slow to 3 percent year over year due to higher mortgage rates, continuing tight credit standards, and lower affordability.

Jonathan Smoke, chief economist for realtor.com, believes that next year's standout year in total sales will be driven by three distinct segments of home buyers - older millennials, younger gen X'ers and retirees according to Smoke.